Research Before Buying

On a recent tour we viewed a wonderful condo in the Chicago south loop area with an east exposure overlooking lake michigan and millennium park.  The unit was on the 18^th floor with 2 bedrooms and 2 bathrooms.

One buyer on the bus fell in love with the unit and wanted to write an offer immediately.  We suggested waiting till the next business day so we could contact the association and verify some particulars with regard to the building.

Monday came and we obtained some important information for the buyer.  The association explained the building had a history of special assessments during the last several years of $2M each year.  There was another $2M scheduled for 2008 and 2009.  The subject condo had an equalization factor of .4%.  This meant a $2M special assessment would generate an assessment bill payable by the unit owner for $8K.

The buyer still submitted their offer but gathered all the important facts in order to make the best decision about moving forward with an offer.

See the link below for a list of items to ask the association for.

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