Home Buying in 60613>Question Details

tootsk, Home Buyer in Chicago, IL

I am going to purchase a condo cash, what do I need to do if this is a private sale? no real estate involved

Asked by tootsk, Chicago, IL Thu May 16, 2013

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22
Do not do it without a Real Estate attorney. You need an expert.
Find one you can trust.
Good luck
1 vote Thank Flag Link Tue Jan 7, 2014
Toosk,

Higher an attorney to represent you in the sale. Whatever you do do not complete the deal with out an attorney. I highly recommend John Zimmerminn (773) 275-4997. He is excellent.
1 vote Thank Flag Link Thu May 16, 2013
A few months ago my husband and I sold our home in Colorado and it was a bit difficult getting the HOA documents needed for our buyer. A family friend referred us to http://www.associationonline.com. They were a huge help in making sure we had all the right documents and the information met the state disclosure requirements. I was able to get the whole package together easily by the contract deadline. I don’t think the process could get much easier than the software and service provided by Association Online. You should visit their website or call (970)-226-1324. They’re a great help for homeowners nationwide.
0 votes Thank Flag Link Tue Feb 11, 2014
Attorney is a must - agree with Manuel!

Hope this worked out well for you and you hired an attorney before signing anything.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Jan 8, 2014
Buying condo ownership property can be complicated and it is hard to understand all the crazy rules, especially for financing one.

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?



Good Luck,




Bob Brandt ABR, CDPE
Re/Max Suburban
2311 W. Schaumburg Rd.
Schaumburg,IL. 60194
Office Phone 847-985-7050
Direct Line 847-230-7303
Out of area toll free 800-637-9345
Fax 847-985-8029
bob@realtybob.com
http://www.realtybob.com/

http://bobbrandt.housingtrendsenewsletter.com/
0 votes Thank Flag Link Wed Jan 8, 2014
Spend $600-700 and get a real estate attorney to handle it for you.
0 votes Thank Flag Link Tue Jan 7, 2014
Id still try to use a buyers agent to guide you through the process but if no agents are involved reach out to a Real Estate attorney.
0 votes Thank Flag Link Tue Jan 7, 2014
Take a look closely to the comps recent sales and competition ...sold listings , pendings and future market to be in the safe side
0 votes Thank Flag Link Mon Jul 8, 2013
It is always best to hire a real estate attorney . They can go thru the closing costs, transfer stamps and additional closing costs.
0 votes Thank Flag Link Mon Jul 8, 2013
You will need a real estate attorney to be your closing agent as well as he or she will review documents etc for you. Now how do you know the property is worth what you are paying? Did you get an appraisal. Though many appraisals are for the lenders sake but it helps to know where your property compares with the others. Are their any back owed fees such as HOA fees, and taxes, etc...

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;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Fri May 17, 2013
Well, you know it seems that this is a simple thing to do, but it sounds to me that you have never bought a property before, and therefore here is my suggestion, do not do this on your own, there are many items you want to consider when a) deciding on a property (for construction, location, repairs, age etc. , and offering the right purchase price to the current owners) b) And looking at the future resale value and situation of the property.

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...

Sincerely yours,
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 
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
EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri May 17, 2013
You have to put together a contract to purchase the property, use the CAR contract. Make sure to get all the disclosures, do an inspection and get a good attorney...

Good luck.
0 votes Thank Flag Link Thu May 16, 2013
Call Erik Miles. He is a great attorney. 312 854 8092
0 votes Thank Flag Link Thu May 16, 2013
As some of the other agents answered, hire a real estate attorney. The attorney will make sure everything is in order and give you piece of mind. If you don't know one you can call the Chicago Bar Association for a referral.
0 votes Thank Flag Link Thu May 16, 2013
Just get a good attorney and go from there.
0 votes Thank Flag Link Thu May 16, 2013
Hire an attorney to guide you. Do not sign anything before showing it to your attorney. My web site ahs some attorney references.
0 votes Thank Flag Link Thu May 16, 2013
Hi Tootsk!

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,

Barbara Grandolfo
0 votes Thank Flag Link Thu May 16, 2013
90% of private sales since 2011 to 2013 have private undisclosure interest .
Hire a realtor and be protected to be in the safe side
0 votes Thank Flag Link Thu May 16, 2013
Show up with the money, hope the title is clear, and use a Title company
0 votes Thank Flag Link Thu May 16, 2013
90% of private sales since 2011 to 2013 have private undisclosure interest .
Hire a realtor and be protected
0 votes Thank Flag Link Thu May 16, 2013
That's weird ...private sale in this time...
Its a shortsale ?
You need to hire a real estate attorney
0 votes Thank Flag Link Thu May 16, 2013
If no Realtor is involved;
then go to the library for your answer.
0 votes Thank Flag Link Thu May 16, 2013
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