Justin Rand, Home Buyer in Chicago, IL

Can both units in a 2 unit condo building be on sale at the same time in Chicago?

Asked by Justin Rand, Chicago, IL Sun Feb 17, 2013

I heard something about loans being an issue in this type of case, but I've never heard of this being an issue before.

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10
Bill J Delig…, Agent, Naperville, IL
Mon Feb 18, 2013
Both units can be for sale. If your are paying CASH then this doesn't matter. If you are obtaining Financing, then there will be some additional hurdles that you will have to overcome.
2 votes
Cash - no problem.

Financing - it depends on the individual lender. Have the buyer who is getting financing have their lender order a CONDO QUESTIONNAIRE immediately from the association. This will determine whether the building is financeable.
Flag Tue Feb 19, 2013
Bill, what are the additional hurdles?
Flag Mon Feb 18, 2013
Justin Rand, Home Buyer, Chicago, IL
Mon Feb 18, 2013
What if one sells and the other is still up for sale, is there a problem then?
1 vote
Hi Justin- I would recommend asking this question in a different thread to garner the most responses and visibility! :)
Flag Mon Feb 18, 2013
Alvin Dobbs, Agent, Waukegan, IL
Sun Feb 17, 2013
Both units on sale at the same time. Happens all the time. Many times banks want it that way.
1 vote
David Hanna, Agent, Chicago, IL
Sun Feb 17, 2013
I can see where there might be some issues with financing, but nothing that a good buyer should not be able to get past if the overall health of the building's financials and structure are sound.
I can also see an opportunity for an investor to get both units, or an owner occupant to buy both and use the other unit as a rental.
If this is an actual situation, I would appreciate having the listing info on the units, just email me the addresses at davehanna@realtyexecutives.com

Thanks
1 vote
Manuel Brown, Agent, Chicago, IL
Sun Feb 17, 2013
Hi Justin,

Yes both units can be for sale at the same time. One of the things you have to remember, what are the chances of both selling at the exact same time? Also, it changes no percentage of ownership in the building not affecting FHA load qualifications. What would affect your sale is if greater than 51% of the building were renters.
1 vote
Marcia Lee, Agent, Chicago, IL
Sun Feb 17, 2013
Yes they can because it will help with getting the value for what you are listing the property fo.
1 vote
Philip Sencer, Agent, Chicago, IL
Sun Feb 17, 2013
I do not think itis an issue, but my web site has some lender references. Give them a call and ask.
1 vote
Corey D. McC…, Agent, Chicago, IL
Sun Feb 17, 2013
Justin,
Loans for Condo's these days are an issue. Check with your bylaws then speak with a loan officer. Here is Janet Mrowka's work number 312.927.6618 and email Janet.Mrowka@1amllc.com.
I could come and speak with you about a sell price after Janet has answered all of your questions.
I can be reached at 312.569.9806 or Corey@McCrayRealEstate.com.
Corey D. McCray
Broker
D'Aprile Properties, LLC
1 vote
Justin Rand, Home Buyer, Chicago, IL
Mon Feb 18, 2013
Bill, what are the hurdles with financing? Is it anything a person with good credit would need to worry about?
0 votes
Hi Justin- I would recommend asking this question in a different thread to garner the most responses and visibility! :)
Flag Mon Feb 18, 2013
Matt Laricy, Agent, Chicago, IL
Sun Feb 17, 2013
There is no law that states they cannot be.
0 votes
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