Buying a non condo/fee simple townhome where you own the land is simpler.
A great lender, lawyer and Realtor working as a team help a lot.
You may want to ask the association about the percentage of delinquent owners-over 15% is not good.
How many tenants are in the building-different loans require certain ratios.
Are there any pending lawsuits?
Are there any special assessments now or coming up?
Are there adequate reserves for a new roof or.....?
Are there pet, smoking, motorcycle, truck, boat or other rules you may like or not like?
If you buy a foreclosure can you use Homepath Financing and should you?
Will you have to pay the 6 months worth of association fees and other fees connected with Illinois Public Act #1049 when buying a foreclosure?
What are the moving in costs and days allowed to move?
Can you see the rules/regulations?
Bob Brandt ABR, CDPE
2311 W. Schaumburg Rd.
Office Phone 847-985-7050
Direct Line 847-230-7303
Out of area toll free 800-637-9345
How is the chain of title? You definitely want to retain a real estate attorney to handle the closing for you!
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
Find a good Buyers Agent, this agent could still negotiate with the homeowners for a commission to him, as homeowners (for sale by owner) do cooperate usually with a buyers agent who brings them a buyer and an offer, but the Sellers should sign that agreement before your buyers agent even writes the offer or shows the property. Or you can agree with your Realtor what YOU are willing to pay to your agent,
or you can split the commission between you and the sellers, so there are ways so that you can still
be represented by an experienced local Realtor, so that you do not make a mistake and will be guided
through the entire process, so that you will be well educated. An inspection is a must, and once you have a mutually agreed to and signed contract, you do need to hire a real estate attorney...
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE ïŠ
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
Will the seller provide you all applicable disclosures regarding the property? More importantly, does the seller even know what disclosures to give you? Are you going to have a physical inspection done on the property before you close escrow? If an inspection uncovers any inoperable items or safety issues, will the seller fix them for you?
If you answer yes to all these questions, then great! However, if you answer no to any of these questions, hire a real estate professional. It will save you a lot of grief in the long run.
Best of luck,