Home Buying in Chicago>Question Details

Me, Both Buyer and Seller in Chicago, IL

My broker told me that I can buy in 2015 (after my short sale in 2011) at 300 k with a conventional loan...

Asked by Me, Chicago, IL Sun Aug 18, 2013

but now I am concerned about buying a condo in south loop or the west loop. I have been hearing about special assessments, litigations, etc. Is this rare? Can the regular assessments go up each year? I even heard of a building having a $40k special assessment which would make me literally ill. I have a nice home but I just fell like I want to be in the SL or WL. If anyone has any suggestions please let me know. Thank you in advance.

Help the community by answering this question:


FHA only needs 3 years so why wait? For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Fri Nov 15, 2013
I have an excellent broker. Just trying to get opinions about whether to buy a condo or not and things to look for. I thought that was the point of this site. Thanks
0 votes Thank Flag Link Tue Aug 20, 2013
you do not have a good enough broker if your on this site asking these questions.. come inot my office and let me help you
0 votes Thank Flag Link Tue Aug 20, 2013
Dear ME,

Yes three years from your completion date you are able to purchase. Please talk with Mary Kay Laurent with Guaranteed Rate at 773-516-6859. You will be happy to start working with you now to help you secure a bright today and 2015.
0 votes Thank Flag Link Tue Aug 20, 2013
We have been successful helping customer's fund loans two years after a short sale manually underwriting in this case.

Greg Bleyl
NMLS 117969
0 votes Thank Flag Link Tue Aug 20, 2013
contact Wesley at
United Equity Mortgage Corp.
15+ items - Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412.
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414.
0 votes Thank Flag Link Mon Aug 19, 2013
Improve your credit - save your money for a down payment - keep on working - and then chose a home in an area that you qualify for and has a healthy association.
0 votes Thank Flag Link Mon Aug 19, 2013
You may be able to qualify for a conventional mortgage sooner than that. If you are putting 20% down, you may be able to qualify after 2 years has passed since the short sale. Depending on what month the short sale occurred in 2011, you may even qualify now.

Feel free to contact me.

Matthew Roder
VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Mon Aug 19, 2013
It is possible for buildings to have a special assessment once in a while for common area work and they can be expensive for things like new windows/tuck pointing etc. The older the building the greater the likelihood of specials yet you need to look at the financials of the building. They might have a lot of $$ in the Reserve Fund.
Litigation is also a possibility yet does not happen very often. Assessments do go up in all condo buildings, because it is a reflection of building costs, but usually go up 1-3% and not every year, but again all buildings are a bit different.
0 votes Thank Flag Link Mon Aug 19, 2013
Yes, assessments can go up every year. Some owners keep assessments low on new construction since there should be little maintenance to be done. Also the builder warranties the work for a period of time but specials are not out of the question. Depending on your credit score and your down payment you may be able to qualify for a loan now. A foreclosure is usually 4 years to get a loan.

There are pluses and minuses to both areas and it ultimately comes down to you and what price amenities and location you prefer.

Let me know if you need any help.
0 votes Thank Flag Link Sun Aug 18, 2013
Thank you everyone for the quick responses. I have even heard of semi new condos with special assessments. Suzanne, my broker did mention that I could get an FHA loan next year but I would rather have a conventional.
0 votes Thank Flag Link Sun Aug 18, 2013
Hi there you have to buy semi new condos to avoid special asst .
I would recomend the WL I like it better
0 votes Thank Flag Link Sun Aug 18, 2013
Did your broker check out FHA loans? I thought you could qualify sooner. I would get a second opinion on that.
0 votes Thank Flag Link Sun Aug 18, 2013
Special assessments can happen. There have been 40k specials before.

You have to do your homework. Find out what the reserves are. Is there any work planned?

Read the minutes, see how old the roof is, when was exterior maint done, how old are the windows, do the hallways look like they need a facelift, etc. These can help prevent specials in the future.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Sun Aug 18, 2013
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