Chicago Past Association Dues - Do I have to pay the $9200

Graham Evans
Home Buyer
Outside U.S.

Sun May 29 2011, 02:31 - Home Buying in Chicago - 13 answers

I bought a condo in Chicago last may 2010. I was told by the attorney that deals with the association that i have to pay the past association dues/lien, if this is not paid they could take possession of my unit. This worried me so i have been paying the past fees off and now owe $3600 of the $9200. I have been speaking with an agent in chicago about this' he seems to think that this may have been against the law for the association to make me pay all of the past dues. So i just want a second opionion please. Is this the case? Have i paid something i might not have had to pay?

I bought the property from a foreclosure company.

Any advice would be highly appreciated.

Thanks
Graham

Which real estate school do you recommend?

Oliviadail
Other/Just Looking
Chicago, IL

A few hours ago - Agent2Agent in Chicago - 7 answers

I am planning to become a real estate broker and take the course and test in May. Has anyone had an exemplary experience at a particular real estate school in the Chicago Area? Thanks for your help

OliviaDail, I would highly recommend the classes provided through the Center for REALTOR Professional Development at the Chicago Association of REALTORS located at 200 S. Michigan Ave. As the Chairman of the Chicago Association of REALTORS Education Foundation it would be an honor to see your application for the REALTORS Real Estate School Broker Class: http://chicagorealtor.com/displaycommon.cfm?an=1&subarti… You make take the classes through RRES and pass the state exam in order to receive reimbursement through CAREF. Right now Illinois is at the start of a transition period so I would recommend you review the following as everyone will have to transition their license (except brokers remaining brokers)and we will be a Broker only state: http://www.illinoisrealtor.org/licenselaw. I am the 2010 Illinois Real Estate Educator of the Year, and RRES is where I take the majority of my classes unless they do not offer the class I want to take. Web Reference: http://about.me/markilemons

What are the fees associated with transferring title of investment property from personal name to LLC in Chicago? How long will the process take?

Mark
Home Buyer
60611

Yesterday, 07:02 - Property Q&A in Chicago - 3 answers

Also, will there be any income tax consequences?
The property is in my name going to my LLC, where I am the sole member.
Any advice on the process and how to go about it would be appreciated.

I do think you should talk with an attorney. However, it might be advantageous to transfer the property to a trust. Mortgages tend to have a" Due_On_Sale Clause", therefore if you transfer the property ownership to an LLC the total balance due the bank becomes due immediately. Also, you can transfer ownership through a Quit Claim Deed (it offers no warranties) but it is quick(a day) and only cost about $30 in Cook County, http://www.ccrd.info. You can recorder the Quit Claim deed at the Cook County Recorder of Deeds, the office is at City Hall. The biggest obstacle is to get someone to notarize the document. Web Reference: http://about.me/markilemons

what is redemption period after the sheriff sale in illinois? FIRST ANSWER In Illinois the redemption period is up until the time of Sheriff Sale. If the property sales to a third party at the time of auction for less than what is owed then the homeowner is entitled to "special redemption" after the sale. Even though the property would sell for less than what is owed the homeowner is still responsible for the entire balance including accrued interest, unpaid taxes, force placed insurance, and the cost to foreclose. Web Reference: http://about.me/markilemons

i want to buy a duplex down. the other 2 units in the building (2 & 3 fl) sold at $270k. How much more should the duplex be? it is 1st fl &

Duplex
Home Buyer
Chicago, IL

A few hours ago - Home Buying in Chicago - 6 answers

garden?

Duplex, Real estate is a local business and In Chicago a duplex condo is considered a single family attached unit and is not considered income property. When did the units sell? If the units closed in the past 3 months then an old rule of thumb would be to add 30% to the other units and that would put you at $351k. If the units sold more than three months ago you should have a CMA(comparative market analysis) performed to get a more accurate assessment of what the value is today. You should have the CMA performed regardless. The CMA should look at similar units that have closed in close proximity (less than a mile or closer) starting with going one month back in time (in one month increments) ideal up to three months. Web Reference: http://about.me/markilemons

If I buy a unit in a condo bldg, do I need to worry about extra costs beyond usual monthly assessments if many units are short sales and forclosures?

Lori
Home Buyer
Chicago, IL

A few hours ago - Property Q&A in Chicago - 8 answers

Will each unit owner (bank or private) still legally have to pay their individual unit monthly assessment costs, or is there any chance that the owners in good standing would have to carry more than their load to keep builing upkeep and amenities intact?

Lori, You have a lot to be worried about. First due to the fact that distressed unit owners fail to pay assessments there is a likely hood that the monthly assessments will increase in order to offset the debt of non-paying owners. There could also be the cost of pending and future special assessments. It would be advantageous to look at the financial for the association to insure they reserves and you want to also make sure the association will continue because in buildings with no association you risk not having insurance, scavenger service, and public utilities because of failure to pay. Also look for additional price reductions due to short sales and foreclosures which will create a reduction in equity. If more than 15%of the current owners are in arrears on their assessments most lenders will not finance a buyer to acquire a unit therefore, units will only be sold to cash buyers. Cash buyers are looking for deep discounts and they tend to be investor purchasers and will increase the number of tenants in the association. Everything mentioned above is direct or indirect cost of ownership.

I signed a Contract with a buyers agent And realized that she has NO CLUE about what she's doing. I want to Cancel. isn't there a 3day

Newhomeowner
Home Buyer
Rockford, IL

Yesterday, 16:17 - Home Buying in Chicago - 22 answers

window in IL She didn't give me my paperwork (Signed contracts or submitted offer on a Home that has been screwed up and I may have lost out on it now) .. She told me that she would be at work at 4pm today to fax or email me the paperwork but I believe she's buying time so that I'm forced to accept her as a Realtor. After she made a Sly call behind my back (after I left her office) then was caught in a lie about it. I know that I will not use her. Is there a fast way to cancel my buyers agent contract with her ( a 3 day clause or something) ? Also I still want this particular property. I will need to withdraw my origional contract that I realized now was written wrong. How will I be able to submit a more correct offer without any knowledgable agent being sued?

Newhomeowner, As I read your question I'm wondering did you sign an exclusive buyers agreement and signed a real estate contract. If you only signed one offer and it was a contract to purchase then you would need to rescind your offer in writing and move on. However, if you signed a buyers agreement and a contract to purchase you need to contact the listing broker because all contracts are between you and the broker of record (not the real estate agent) in addition the agreement is a unilateral agreement therefore it needs to be a mutual consent to cancel. To answer your question no there isn't a 3 day right to rescission unless you did not receive a Real Property Disclosure Report at the time of making an offer and once you did receive one the form shows defects. It might be advantageous to take your time with moving forward and insure you are not responsible for paying multiple agents in addition you do not want more than one agent to believe they are the procuring cause of the sale. All sales agents aren't REALTORS. REALTORS are licensed sales agents or brokers who are members of the National Association of REALTORS and adhere to the Code of Ethics. 1) Get a mutual cancellation of the exclusive buyer agreements. 2) Rescind your original offer. 3) For trained buyers agent check out: http://rebac.net/.

How can I check to find what liens/violations are attached to the foreclosed property i'm interested in. (Addison Township)???

Home Buyer
Home Buyer
Bensenville, IL

A few minutes ago - Home Buying in Chicago - 5 answers

How do I go about negotiating the above before I make an offer?

Let me first state that I'm not sure of Addison Township. However, If I was doing a search in Cook County for Chicago I would look in two places. For liens you need to check the recorder of deeds for the county where the property is located. In Cook County that would be http://www.ccrd.info. The information on the website is only about 80% accurate so it is more advantageous to actually go to their office and pull the film. It is expensive to actually print it out. All violations aren't coming up as a lien but some do. Check with the building department of the city where the property is located and ask where you can find this information. In the city of Chicago I would go to City Hall and complete a Freedom of Information Act form and then in about 72 hours they would notify me that I can pick up my paperwork. It will give you a list of violations if any exist. When pulling title you only have information on items that are recorded and filed. The issue we are seeing is that the city can site a property with violations but are slow to take action. This past summer there was a property that was demolished and the owner had no idea it was on the demo list. However, if they would have completed the Freedom of Information Act form they would have know this. The property I'm talking about was a cash purchase with no title provided.