What to Know About Homeowner Associations

206231 Resource 199230 199384 199384 1212956425550 1213025554563 Controlled Research Before Buying

Be Thorough

On a recent tour we viewed a wonderful condo in the <city /><place />Chicago</place /></city /> south loop area with an east exposure overlooking lake michigan and millennium park.  The unit was on the 18th 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.© RepoHomeTourChicago.com - All Rights ReservedTrademark & Patent Pending 9 application/xml false chicago special assesments condo assesments condo associations What to Know About Homeowner Associations Questions to Ask About HOAs Before Buying http://homebuying.about.com/od/homedisclosures/qt/AboutHOAs.htm Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 wdiehl 66.89.20.46 false true false false true 199303 false false true false false false true 199230 blog blogsite/RepoHomeTourChicago/web