Property Q&A in Chicago>Question Details

Nikki, Home Buyer in Chicago, IL

What does it mean when the developr has known violations? Cheaper? Able to use this to wheel and deal more?

Asked by Nikki, Chicago, IL Fri Jan 2, 2009

--
This question is about this property: http://www.trulia.com/property/28343295-2124-W-Rice-St-3-Chi…

Help the community by answering this question:

Answers

3
Violations do not mean that the deal is unworthy of a look. Understanding the nature of the violations is the first step.

It looks like unit 4 (foreclosure) in this building is priced at $206,900. This is remarkably low for the area for a 3 Bedroom/2 Bath.

Violations happen for a number of reasons on new construction.

The most basic violations are building without a permit, or outside of the scope of the permit. The developer may have violated zoning or some other aspect of the development process. Other violations include substandard construction or alterations not approved.

I looked up the permit, and here's how it reads:

Location 2124 W. Rice St.
Issue date March 7, 2006
Application number 100098027
Work type New construction
A project to build a new structure from the ground up.

Description ERECT 4 STORY MASONRY BUILDING WITH 3 D.U. & 1 RETAIL AS PER PLANS, TRASH ENCLOSURE & FENCING INCLUDED. PROTOTYPE: 3829 N. SOUTHPORT. CONDITIONAL PERMIT SUBJECT TO FIELD INSPECTION.
Issue time 10:11 a.m.
Estimated value $500,000

I was issued with many others adjacent to it.

If you'd like me to check into this further, contact me.

Best of Luck
0 votes Thank Flag Link Sat Jan 3, 2009
If the developer didn't occur penalties stiff enough to keep him from continuing to build then it is very likely that no concessions are being made on his part in terms of price. Here is the more important question, with so much property out there to choose from why even waste your time with someone who has already proven himself to be untrustworthy? If you'd like more info contact me privately.
0 votes Thank Flag Link Sat Jan 3, 2009
Undetermine can you explain more about how you determine builder has violations? Are they city violations? If so what are the violations in reference too? Do the violations have liens on property. Was there a notice posted to exterior door? If so by whom
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 3, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer