All Forum Posts by: Herbert Wu

Hi,

I am interested in buying a small commercial property, but the owner recently sold a portion of the lot to a condo developer. The sold portion of the lot including 5 parking spots for the existing tenants. In the purchase agreement, the condo developer in one sentence promised 5 parking spots to be reserved for the commercial property once his construction is done. 
I am concerned that once the developer sells his new condo complex to a new owner, the new owner may take the 5 parking spots back. 
So before I purchase this property, should I ask current owner and the condo developer to create some type of easement agreement so that these 5 parking spots are guaranteed for the small commercial property no matter what happens in the future?

Thanks
Herbert

Thanks all. I guess I will just let him pass. I left a couple filters when lease started 18 months ago with oral statement to change filters regularly. The tenant likely is just lazy to buy new ones. I stopped by sometimes and the clothes of family four are all over the floor.

I just found out my tenant running furnace without air filter for months(~6months). The 8-year old furnace is still working , can I charge tenant for maintenance cleaning up of internal components? I never ran into a tenant before who removing air filter w/o putting in a new one.

Thanks for the staging suggestions and the ideas are great! In context, when I was considering many staging proposals earlier, not much details available in these proposals. I selected current one because the Stager stated that a contemporary style home should have contemporary decor to attract urban  young couple considering move to suburb. Existing suburb residents tend to be traditional. Now I am wondering if the house should be staged in traditional style to cover wider buyer pool.

My house was on the market w/o professional staging for two months in spring before re-listed with the staging and price cut. The staging definitely increased online traffic, but has not attracted any showings.  This house's layout deficiency is not addressed enough in the staging process. I will think about it if some minor adjustments can be made.  Once I further cut the price, eventually when buyer comes in to see the house, staging design may have bigger impact then.

Great suggestions and thanks very much!. Basically my existing sell-approach here is exactly "list&pray" and more marketing efforts are needed. I never heard of broker's open and will get one done asap, and hopefully they can provide realistic view of the local markets. I got a lot to learn here.

So far it is radio silent, and I agree the bedroom layout is not good for many families with small children. My stager set it up as nanny/child suite to help reduce the impact a bit. The tax is very high for everyone here and a 1600sqft 3bd small SFH may pay $15k tax depending on subdivision. Ultimately I may have to drop price significantly to get it going, I guess. Now I am also researching rental option just in case I can not even sell it at bottom-line price next few months.

Thanks for much for taking time and reviewing the interior and really appreciated it. I will take a full look and may ask further help. I missed many things where I bought it years back.

Yes. Easement indeed. When I bought it, i  thought it a good thing in that my little child was safe from traffic when playing outside. There are two houses on this easement ( long driveway). My house is at the end. I never thought this is a problem. Thanks for point it out!

Great comment! Thanks a lot! I should drop it below 2006 price when I bought it, also will consider new killer agent

That subdivision is close to I-94 and very noisy with many big and discounted homes. Not walkable to train, town. . That subdivison is 4th-tier in the village. I am in 2nd tier subdivision. The first tier is a few blocks away with most million $ homes

Thanks for the feedback. I agree open space is the possible cause. BTW, the home is not in HOA. Lake cty, IL property tax is highest in the country.