Condominium living in Chicago is fun, relaxed and exciting. Condominium financing on Chicago properties can be clunky, cumbersome and very stressful if a buyer and/or realtor are not up to speed on what to look for when shopping. In today’s installment Milly breaks down the four crucial items any Chicago real estate agent or potential Chicago condobuying prospect must be aware of when entertaining an offer or contract.
In any real estate market across America, keep these four conditions in mind when doing yourcondo “brick kicking”:
- Is the condo association under litigation?
- How is the condo assoication doing on collecting association dues?
- How many of the units in the association are owner occupied?
- Is there one party that owns more than 10.00% of the units?
Now, this list Milly gives us today is the “quick and dirty” version to help our Chicago clients when shopping for condos. Keep in mind that the standard condo questionairre and condostipulations can be vast, but, good news! If the condo you like passes the “snif” test for the items above………..you’re looking good so far!
We hope you enjoy today’s installment!
If you or any of your loved one have any questions regarding mortgage financing, home ownership or banking in general, please don’t hesitate to hit that MILLY button!!
jameym@fairwaymc.com
Phone: 877-407-5656
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