Jeff Kropp

Cookie, just keep paying your loan on time. - Wed Jul 23 2008, 08:20

Hello, my clients and I buy foreclosures in all stages with success. If you do your homework and get a little luck, you can acquire a home for 60-70% of its value. Timing has a lot to do with it, as sometimes you are looking at a place and then the lender drops the price $50,000 and you have to act quick (then wait a long time). It would be hard to pursue them with professional help though I imagine. You are correct- most of them are dogs, you have to find the diamond in the rough and financing is harder now. Good luck! - Mon Jul 21 2008, 08:23

Francisco, the condo association decides whether you have roof rights or not. Normally, they run with the unit when its sold and are recorded in the condo declarations somewhere. If the unit does not have roof rights, you are subject to the whim of the condo association, which would have to agree to give you those rights and file some legal documents recording those rights. One reason roof rights may not currently exist is a rooftop deck is not up to code. So normally the condo board will not want to pay to make those changes, since you need permits, etc. I am sure something creative could be done where you pay all expenses, but as a buyer I would want a sense of whether the board has considered granting roof rights in the past and how they view it now. Otherwise, they could just say no and that is that. Try calling the Board president and see if they are willing to discuss it. Your realtor should be guiding you as well.
Good luck! - Thu Jul 17 2008, 13:42

Donnie, there are two components to your question. First, repairs are negotiable so the seller may or may not have to repair the HVAC (assuming it no longer works). If it works, it is not customary for the seller to fix it, but of course you could walk.
Closing costs are the second part. The lender fees will be close to $1500, but then you have to escrow taxes and prepay interest, which could be much more. Then you have attorney fees and title maybe another 1500. Finally, do not forget the Chicago transfer stamp which is $3.75 per every $500 in purchase price. So most deals require about $5000 in total costs plus down payment, which may be reduced by seller tax credit for previous and current tax years. Long and short, I doubt you would be ok with $1500 but of course your lender and attorney (not your realtor) should provide exacts or close. Good luck! - Thu Jul 10 2008, 13:06

The honest truth is that it is nearly impossible to find a one bedroom around Lincoln Park for under $200,000. There are some high rises along the lake, but those carry high assessments so in the end you might as well be paying 300,000 with normal assessments ($250 or less). You will have to travel far from Lincoln Park to get a one bedroom in that range- the neighborhoods will not resemble LP if that is what you are used to. Sorry. - Mon Jun 30 2008, 20:37