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Foreclosure in West Rogers Park : Real Estate Advice

  • All45
  • Local Info10
  • Home Buying14
  • Home Selling1
  • Market Conditions3

Activity 4
Mon Jul 22, 2013
Evelyn S. Fred answered:
Hola Pablo,

Visit either realtor.com or www.evelynfred@mredselectsites.com to find something currently available for purchase.
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Mon Jul 15, 2013
Bill J Deligiannis answered:
Greetings Pablo,

Work with a Realtor to have access to accurate and up to date info. Should you need any help, feel free to contact me.
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Sat Jun 23, 2012
DAN VENSKE answered:
Lets take a look at the property, we will show the comparables and you make a smart decidion
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Thu Aug 27, 2009
Sandra Matson answered:
Scott,

I am going to include an attorney's link here which addresses your question. I would suggest you read this and its comments. I would also recommend the association consider consulting an attorney to clarify your position to determine what steps, if any, the association should take. Alternatively, if you have a management company they might be able to help you.

The following is from Naheed Amdani's (attorney) blog:

"The new buyer is only responsible for up to six months of unpaid assessments. Unfortunately, if more than that accrues before the bank forecloses and takes over, associations often end up eating the loss. It is my understanding that before the six-month rule was instituted, associations were not entitled to any past due assessments at all."

"Special assessments that are unpaid by unit owners when the unit is foreclosed usually end up being the responsibility of the bank who owns the property after the foreclosure is complete. Whether or not it gets passed on to the new owner of the unit depends on what the new owner and the bank negotiate prior to the new owner's closing. That doesn't mean, of course, that the condominium association won't go after you for the funds!"

Be careful with the language in the previous paragraph. In Illinois there are several months when a property is in pre-foreclosure. The bank does not own the property during this time and as I understand it they would not be responsible for the special assessment when they foreclose. Again, I suggest speaking with an attorney regarding your specific issue.
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