Multiple offers

We are seeing more and more multiple bid situations with non-reo  and short sale listings. Why so much interest…..well supply and demand, low interest rates, favorable terms and a good long term investment. Yes, real estate is a good investment again, flips are back in vogue specifically in major metropolitan areas. How can you win a multiple bid?  Make sure your realtor is presenting favorable terms to the seller in writing, quick closing, very little contigencies and a solid pre-approval letter is very important. Also if possible, make sure you deposit is near 20%, this will ease any concerns with […]

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Special Assessments

We are seeing many condo listings with HOA fees in the thousand’s of dollars. There is a surplus of aged condo buildings in the Chicago area. Over time, large and expensive building maintenance is a huge concern. HOA boards meet not only to bid out the work but also to determine and vote on payment of these improvements. Well managed building typically have the funds to make these repairs. What happens if the HOA does not have funds to make these repairs? The board will vote on a one time special assessment just for this specific project. The special is […]

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