Home Buying in Chicago>Question Details

Has, Home Buyer in Chicago, IL

settling on a first offer

Asked by Has, Chicago, IL Wed May 6, 2009

im an upcoming buyer in the downtown chicago condo market, looking to live in the unit. before deciding on a fair offer to give the seller, where can i locate how much the seller paid for the unit? i realize its public record, so whats the easiest way i can gather such info? thanks in advance

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Man, I swear some of the responses on here are canned. Instead of answering the question all you read post after post is "ask your realtor, if you don't have one I would be happy to help." I understand you are trying to drum up business, but jeesh!

To the OP: s

Go on the Cook County Recorder of Deeds website. Search the property's PIN number (it's 15 digits I believe, you can get it off the MLS listing) or search the owners name if you know it, which it sounds like you do. You can see what the final sale price was, and you can even see how much of a loan the owner took out, giving you a ballpark idea of how much they have in it. The document that says Warranty Deed is usually the closing price. Sometimes all the info is on there, sometimes not, but its easy and free so search. Good luck.
0 votes Thank Flag Link Thu May 7, 2009
Your realtor can help you with this. Remember since you are the buyer it costs you nothing to use a realtor. Since you are looking at condo's you will have more questions than the previous sale price. I would be concerned with assessments and is everyone in the building still paying and what projects are ahead.

Mark Karambelas
Baird and Warner
1 vote Thank Flag Link Wed May 6, 2009
Try to be objective about the value of the condo before you look at how much they owe. Don't get me wrong, I never make an offer without knowing this number, if at all possible. It will play in to how low they are willing to go. But it has nothing to do with what price is "fair". There's a lot more to it than price, like Mark said. Do your homework. Good luck!
0 votes Thank Flag Link Wed May 6, 2009
I would consult with your Realtor and they can pull up this information. They can also pull up information regarding the sales of similar units in the building. I would be happy to help if you are not currently working with someone.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes Thank Flag Link Wed May 6, 2009
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