Start with the zoning certificate. I too had this happen where there was a question in regards to the zoning of a 2 flat and the certificate was issued as a 3. I would highly recommend you speak with the attorney handling your closing. The certificate is your starting point! If that doesn't solve your problem go to the alderman's office and work with them.
Another issue that may arise, if the above doesn't work & if it is brought to light, is when & was the work done legally meaning with permits. If not, you may still be able to convert however, now you may have to get permits for deconstruction and reconstruction....too many details for this forum.
Don't go into this blind. Work with a Realtor, Inspector, Rehabber in order to give you a true assessment of the property. Do not look at just Purchase Price. Rehab Costs could be considerably more. Do the homework ahead of time.... more
The listing agent was Roddie Antonijevic. This was an REO so he may have lost the property. Are you interested in it? Please shoot me an email, I would be glad to work with you to help track down the owners through the CCRD.
I'm not sure what you mean when you say "ust not renew their lease that technically does not exist anyway? " The lease exists even after a property changes hands. You need to look at the lease and see what the terms are, and when it is to expire. You will need to learn about Chicago Residential Tenant Landlord Ordinance and see what your requirements are for notifiying the tenant of non-renewal. Also, you probably have to call CHA and let them know the property has changed hands and will no longer participate in Section 8 voucher program after this tenancy expires. In Chicago, a written lease runs it's course whether or not the property changes hands.... more
The borrower can live in one unit but they all must stay under his ownership. You can't do the condo idea under the 203k, Yes, you can purchase multiple units up to 4 under the program but you do have to live in one.... more
Assuming location and zoning are standard (e.g., on residential block), you need to determine the price per square foot then also find some recent sales on larger lots to see if any adjustments to price per square foot are needed. At the same time, supply and demand are often more important than sales nowadays.
Talk to a pro to be safe!
Good luck!... more
As an low-rent artist, I have lived in some of these neighborhoods. Logan Square and Pilsen are kind of boring....particularly Logan Square. It has no center...no soul...Pilsen has 18th Street which I love, but it is a very one dimensional community.
Rogers Park has a nice mix of cultures (not one dimensional), the lake, the Red and Purple Lines. It has more of a mellower, greener feel to it than most places in Chicago. It has some rough pockets. I am strictly an artist and can't speak to the condition of the real estate market their in relation to the other areas in the city, no clue... Keep in mind you are spending five years of your life somewhere, not just investing.... more
I agree. Here in Colorado leases run with the land. That means that a lease is in full force and effect regardless of the ownership of the property. Your Illinois attorney can verify that for your state.
From a practical point of view, you're in a pretty good position. In this market is highly unlikely that anyone would want to lose the existing tenants. Conversions of apartments and condominiums has all but stopped. And any higher and better use would likely require scraping the structure and building something new. Again that's not likely to happen in this market.... more
The dismissal of anything west of Kedzie or Kimball is so foolish and demonstrative of how much nuance there is to a neighborhood. Realtor and residents hears that once and then just parrot it ad infinitum. The streets around Kedzie and Kimball are THE closest to the blue line. Much closer than anything east of Sacramento! And they are closest to the shops, green spaces and thoroughfares that make Logan, Logan. Don't believe me? Check out Sawyer, Spaulding and one of the best blocks in the city Bernard.... more
I wouldn't worry about more properties as much as I would worry about the right property. The spring market is now and traditionally you'll see the most properties over the next few months.....but don't worry about what is not out there compared to what is in front of you. A good question to ask yourself once you do find a place you're interested in:
"Would I be upset if I liked a place, waited to make an offer and then it was gone by the time I acted on it?" If the answer is yes, you would be upset, you might have found the right place. Which is a good thing. Just because there are more on the market does not mean there are better. Good Luck!... more