What are the closing costs to buy a foreclosure condo in Chicago?

By
Real Estate Agent with RE/MAX in the Village, Realtors

Q: What are the closing costs to buy a foreclosure condo in Chicago?

A: INSPECTION - strongly suggested in order to have all of the mechanicals, plumbing, systems tested (professional home inspection) - costs about $3-400
APPRAISAL/LENDER FEES - lender charges, you'll have to find out from them
SURVEY - not required with condos
ATTORNEY - I've seen city attorneys charging between $700-1000 lately
TRANSFER STAMPS - this is the "tax" paid for transferring real estate; in Chicago the buyer has to pay $7.50 per thousand of the sales price. Example: If you pay $160k for a condo, this would be $1200.00
COMMISSIONS - none! seller pays them!
BACK-DUE HOA FEES - with foreclosures, HOA's can collect up to 6 months of past-due assessments and any special assessments that were owed by the previous owner (before the bank took ownership) - your agent & attorney should be able to find out what is owed.

Start your search for Chicago foreclosure condos here!

Chicago Foreclosure Condos

 

Posted by

Laurie Christofano, Realtor

ABOUT THE AUTHOR: Laurie Christofano has been a real estate broker since falling into the field in 2007 upon deciding to leave medical school. Passionate about local architecture and determined to make a living "helping people" (as she set out to do since deciding to become a doctor; albeit she's now helping with a different but also important aspect of people's lives), she's worked with buyers, sellers & renters all over Chicago's city & suburbs. Proud member of The Pych Team @ RE/MAX In The Village, Your #1 Pick! Learn more: http://traffic.libsyn.com/brianplain/TAA020.mp3

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Illinois Cook County Chicago
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closing costs
foreclosure condos
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