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.