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Asked by lh12cat, Chicago, IL Fri Mar 15, 2013

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Answers

11
Saul Garcia, Agent, Chicago, IL
Fri Mar 15, 2013
BEST ANSWER
My personal experience is that you have to keep the lot fenced in, clean and mowed or you will be fined and will be in court and paying fines for not keeping the lot safe and clean. So a do is keep constant vigilance and do not let the get out of hand.

Other than that I made a good chuck of money when I resold it.
0 votes
thank you so much !
Flag Fri Mar 15, 2013
Manuel Brown, Agent, Chicago, IL
Sat Mar 16, 2013
Lester,

You got plenty of good advise from brokers.
1 vote
you are so right !
Flag Tue Mar 19, 2013
Rusty Payton, Agent, Chicago, IL
Sat Mar 16, 2013
Lester-

Many here have given you some good advice. You would think that buying a lot would be a simple issue. But, alas, you need to exercise caution and consult with an attorney that specializes in real estate matters. Discuss with your attorney your intended use of the property as zoning can restrict what you intend to do or build. You attorney will also make sure the title is free of liens, encroachments and encumbrances. For example, does the neighbor's garage sit 2 feet onto your property. Are fences properly placed. Your attorney may also want to order a survey to confirm these issues.

Make sure you physically inspect the property. A while back I had a client come to me after he had bought a city lot in Chicago site unseen in an auction. When he actually took a look at the lot he discovered that it had been used for some time as a dumping ground for several dozen junk cars. Unfortunately, he bore the responsibility for clearing the lot. Also, check to see if there have been other types of dumping. Be wary of unmarked barels or industrial or construction waste. These may be signs that the property is environmentally contaminated.

As suggested by others here, once you own the lot you become the responsible party for securing the lot, keeping the grass mowed, keeping it free of debris and for preventing against dangerous conditions. These are just some of the considerations that you should take into account before buying. Hope all work out well for you.


Rusty A. Payton, Broker & RE Attorney
iMove Chicago
1225 W Morse
Chicago, Illinois 60626

773-856-6200 [Office]
773-856-6201 [Fax]
773-682-5210 [Mobile]

e. payton@iMoveChicago.com


http://www.iMoveChicago.com

blog: iMoveBlog.com
1 vote
Philip Sencer, Agent, Chicago, IL
Sat Mar 16, 2013
Be sure the zoning is appropriate for whatever it is that you want to do, build, on the lot.
0 votes
Mack McCoy, Agent, Seattle, WA
Fri Mar 15, 2013
Do know what you're doing, don't do it if you don't know what you're doing.

Buying land is not for the faint of heart, nor the inexperienced.

All the best,
0 votes
Bill J Delig…, Agent, Naperville, IL
Fri Mar 15, 2013
Have a plan upon purchase. If you want to build then do the homework ahead of time so that you know what is and isn't allowed.
0 votes
David Hanna, Agent, Chicago, IL
Fri Mar 15, 2013
All the advice you need is in the posts below. Good luck with this. There are many lots in Woodlawn at this price point.
0 votes
Ivan Sagel, Agent, Chicago, IL
Fri Mar 15, 2013
Lester,

Verify that zoning is in line with your plans.

Best of luck,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes
thank you so much !
Flag Fri Mar 15, 2013
Russ Ravary, Agent, Commerce Township, MI
Fri Mar 15, 2013
Check with building department to see if it is build able and what the building regs will be
0 votes
thank you so much , I thought I could check all the answers I received as the best one, because they all were on point !
Flag Fri Mar 15, 2013
Matt Laricy, Agent, Chicago, IL
Fri Mar 15, 2013
Find out the size and the zoning. That would be the basics.
0 votes
thank you so much !
Flag Fri Mar 15, 2013
Jorge Vega, Agent, Chicago, IL
Fri Mar 15, 2013
Do:

Check for zoning restrictions, Leans, Violations and additional costs associated to the lot.

Don't:

Forget to pay for taxes, Check for restrictions or previous use, keep the lot maintained, fence the lot.

There is always additional concerns and that will depend on the individual lot. Good luck
0 votes
thank you so much !
Flag Fri Mar 15, 2013
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