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Updated almost 9 years ago on . Most recent reply
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CHICAGO - Buying 2 Flat - How to do due diligence
I looking to purchase a 2 flat in the chicago area and be a live in owner. It's an off market deal through a wholesaler. One of the requirements is a $10k non refundable earnest money deposit.
Like all deals the seller is having the buyer do all his own inspections and due diligence.
My question is... what is the best way to go about checking if there are any violations or unpaid fines that can be carried over to me? I basically want to know what outlets i use or call or whater to cover my own a$$?
There are no contingencies in this deal so I need to get it right the first time.
Please share your wisdom BP!!
Most Popular Reply
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- Property Manager
- Roselle, IL (Chicago Suburb)
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If the property is in Chicago you can go on the city site. If in the burbs most villages have the ability to request a Freedom of Information online or going into the city hall. Also have a title company run title which will outline any liens. Some of the more sophisticated wholesales have been pulling title themselves earlier in the process to prevent probs down the road so ask the wholesaler if they have title pulled.
- Mark Ainley
- [email protected]
- 630-781-6744
- Podcast Guest on Show #72
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