Justin Rand, Home Buyer in Chicago, IL

If both units in a 2 unit condo are up for sale and one sells, is there a problem with closing for the buyers?

Asked by Justin Rand, Chicago, IL Mon Feb 18, 2013

Would the second (unsold) condo have to come off the market in order to close?

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Answers

7
Brendan Ross, Agent, Chicago, IL
Tue Feb 19, 2013
As other Pros have stated, this is primarily an issue that would have to be discussed with your Mortgage Broker or Bank from which you are receiving your financing.
0 votes
Cindy Wilson, Agent, Chicago, IL
Tue Feb 19, 2013
Justin, this isn't something that agents can answer for you via Trulia. There is obviously specific information that you need to discuss with your lender and possibly your attorney. A general forum can't satisfy your needs at this time, as the answers below indicate. Best of luck!
0 votes
Cornelia Mat…, Agent, Chicago, IL
Mon Feb 18, 2013
Justin, there should not be a problem if buying a condo under these circumstances - as Bill mentioned, if finance is involved, "the hurdles" would include, Condo appraising out, Rentals vs Owner occupied Ratio, are you financing : Conv or FHA? etc. If FHA, condo complex has to be FHA approved! How much is your down payment? These are just a few of the Things your Lender will look for, which will in turn help you solidify a Loan on the condo.
We're assuming you're the buyer!
0 votes
Corey D. McC…, Agent, Chicago, IL
Mon Feb 18, 2013
Justin this question falls into the same category as your previous question.
0 votes
Le Ann Dunne, Agent, Iowa City, IA
Mon Feb 18, 2013
If this is a cash deal it is inconsequential. If there is a lender involved then the issue of whether or not the other unit is owner occupied or rented comes into play. There are lender requirements for loans that are sold on the secondary market. It is best to consult with your lender before moving forward.

Another issue to consider is if there are any convenants. Also, it is important to make sure if these are newer units that the developer has turned them over to the owners. These are just other considerations for you.

Good luck with your real estate endeavors!
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Feb 18, 2013
No it would not.

If its a cash buyer it doesn't matter what the status is of any of the other units.

If it's a financed buyer, then financing would depend on of the other unit is owner occupied or rented out.

As you lender.
0 votes
BJ Tregoning, Agent, Chicago, IL
Mon Feb 18, 2013
Ask your lender or your buyers lender.
0 votes
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