All Forum Posts by: Brandon Campbell

I'm under contract to buy some distressed properties on the south side of chicago. Every property has a city of chicago municipal lien on them from violations from up to a year ago to many years ago. Our goal is once we buy these properties we will be looking to renovate them. Does anyone have any experience of getting liens released and not paying the fines or pay pennies on the dollar of the fines because they renovated the property made the properties in livable condition?

Secondly, does anyone have a point of contact that I can talk to with the city government to talk with them to let them know what my plans are and figure out a resolution for these code violations. I would assume they won't release any of the liens until the work is done on the property that mediates the condtion for them getting the liens in the first place, but I would feel alot more comfortable talking with somebody who understands I'm just buying the property and will do right by cleaning up these houses but don't want to get penalized for something that the previous buyers did.

Thank you in advance

@cr

We have experience dealing with the city. The bottom line is as follows: The city is not going to negotiate with you on not paying fines or paying pennies on the dollar for fines. That's not a thing. You need to figure that into the cost of doing business and your offer to the seller.

Regarding the code violations, you need to hire a contractor familiar with working with the city. Potentially a self-certified architect. Develop a scope of work with the contractor to include the code violations. Get the appropriate permits and have an attorney ready to go to court to get the liens released once the work is complete and approved. There are no shortcuts.

If there's a demo order on the building then you should submit your approved renovation plan to the court to delay the demo.

Thank you for your reply, this helps out a lot. Let me ask you this, if the houses are foreclosed on with the code violation liens, would they then be extinguished and could be released?

0 Votes

Chicago, Illinois

Quote from @Christopher S.:

@Brandon Campbell

Hi Brandon,

What sort of liens are we talking about. The building department is very unlikely to play ball or reduce fines in Chicago or give you any waiver.

You really should negotiate the fine price into the sale or make the seller pay the fines first.

Once you get the property though and have a clear plan to address the issues, the inspectors may take awhile to get to you but are generally pretty good about getting the issues sorted out and cleared.

Happy to help with insight.

Out of curiosity whereabouts are you thinking of buying?

Have a great weekend.

Chris

Thank you for your reply, it gave me good insight. We are buying around south shore, englewood, and auburn-Gresham

0 Votes

Chicago, Illinois

Thank you in advance

1 Vote

Chicago, Illinois

Hi everyone,

I'm an investor in Nashville, TN wondering what lenders are out there that defer interest payments till the end of a new constructions for residential? Thanks in advance

0 Votes

Nashville, Tennessee

All Forum Posts by: Brandon Campbell

Brandon Campbell has started 2 posts and replied 4 times.

Post: City of Code Code Violations

Post: City of Code Code Violations

Post: City of Code Code Violations

Post: Lenders who defer interest payments