Buying a Building with open Violation - Chicago

[Nate J.]

Hello All,

I am looking for a purchase in Chicago and came across a 2 Flat with an illegal (ahem .... non-conforming) basement unit since the ceiling is too low.  Worst case scenario, it will need to be de-converted and the numbers work without it anyway.   I placed the property under contract, but the seller and I have not reached full agreement on a few things yet so I can still back out if necessary.

The problem is when I looked up the records in City Hall, the property has a violation showing.  The inspectors had come to the property back in 2011 and filed a violation for the building out of the basement and the enclosure of the back porch to create extra living room without architects/structure approval/permits, etc. 

The seller had pulled permits back in 2011 to de-convert the basement and do some other items but never paid for the permits or actually done any of the stuff. As such the permits show as lapsed over / open in the city records. Since the work was never done, the inspectors were never called out to close the permits/violations.

My questions are as follows and I would like answers from people who have experience with this:

1.  Does this mean that the inspectors are going to return (if so, when) ?

2.  Any idea on how much the fines would be or how that works?

3.  Would the inspectors require that the enclosed porch area be restored / would I have to get it approved somehow?

4.  Am I just stressing out?  This is Chicago and this is how real-estate works in low income areas, a series of fines and violations with no consequesnces?