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Property Q&A in 60622 : Real Estate Advice

  • All99
  • Local Info6
  • Home Buying52
  • Home Selling8
  • Market Conditions1

Activity 12
Thu Sep 28, 2017
Susan asked:
I know that the mortgage company figures about 2% for escrow and that homes are assessed on market value. But on a brand new home are the taxes based on how much the build cost is even…
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Wed Jan 14, 2015
Noah Seidenberg answered:
No it is not, the listing has expired and is off the market at this time
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Wed Sep 17, 2014
Sara Schied asked:
This question was asked from this property:…
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Sat Aug 16, 2014
Heidi Straka asked:
This question was asked from this property:
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Wed May 29, 2013
Bill J Deligiannis answered:
Maybe the Management Company or HOA Board can assist you with this.
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Sun Dec 2, 2012
Matt Laricy answered:
No one will be much help here in Chicago. I would contact a good lender in MD to get assistance.
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Fri Oct 12, 2012
Ivan Sagel answered:
This Q&A forum is free.

What services are you looking for?

Best of Luck,
Ivan Sagel
0 votes 6 answers Share Flag
Tue Aug 30, 2011
Joe Schiller answered:
do what you want but if your house is not zoned for income and its not a family member or friend who is not signing a commercail lease you are renting out of code. Lots of people do the in law thing but the city does not give you permission to rent without income status zoning. There must be fire code regress and all the other stuff and you also would need to report the income to the IRS. I am not saying anyone is coming after you but realize what your doing and be aware of the nature of your situation..I am not a lawyer but I know I am on the right track here and can get you a lawyer if you wanted one. Good luck- sounds like a great opportunity ... more
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Tue Oct 26, 2010
Homeowner answered:
Prairie Home Inspection Services is a highly rated company per Angie's list, which conducts reserve studies fo small to mid-size condo associaitons. Costs vary depending on size and comprehensiveness. Their website is ... more
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Tue Sep 28, 2010
Bill W answered:
Since your home is most likely your biggest investment, you should first determine if you are doing it to sell or doing it to live in. If you're doing it to live in, it has little to do with the actual investment and more to do with what you enjoy. If you enjoy entertaining and you don't have enough entertainment area or the proper type of entertainment area, then build it in the basement.

If you're doing it to add value to your home, then get local comparables in your neighborhood from a realtor to see if it makes sense or look online at They are pretty vague and less accurate though.

No matter what the reason is you are contemplating refinishing your basement, keep in mind that it is the least expensive additional space you will find around your home. We have done many basement remodels and our customers have been amazed at how inexpensive it can be. Before you do anything though, ensure it's as watertight as possible. Your experienced contractor should know this and be able to guide you throught the process.

Bill Westmoreland
Owner-Moveout Makeovers-Palatine, IL
... more
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Fri Sep 24, 2010
John Moustis answered:
Hello Audrey:

By looking at a home there is no legal way to know what type of ownership it is unless you review your title policy you received at closing. In the title policy it will state single family or condominium ownership, plus a document called a declaration of condominium ownership is required to be given to you from the previous owner at closing. If you received a plat of survey it should describe the legal property too.

Have a good day.

John G Moustis
President / Owner
Phone & Fax: 630-963-6020

Quality building, remodeling & consulting services in the Chicagoland area since 1991
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Fri Sep 17, 2010
Adam Barrera answered:
Have you looked into a balance or principal reduction program. With a balance reduction program the only requirement is that you be upside down in your loan by at least 75%. The Fed is going to be requiring banks to preform principle reduction programs next month. but there are several companies doing them already. Once you get the reduction you can sell the house at a more realistic price.

Adam T Barrera
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