All Forum Posts by: Renata Brajkovski

@Daniel Dem I would strongly advise before doing any big steps to consult a real estate attorney 

I think you would need a zoning permit. The main problem is that people have finished their basements with no permit and with without licensed contactor doing the work. Now because of the violations that becomes a problem when they try to legalize.

@david  I assume there would be a 'problem' with the financing since the lender is going to give you a loan that matches the appraisal. And when the appraiser comes he will be estimating value based on the legal sq.footage i.e. will be appraising it as a 2 flat. 

A lot of ER.E. agents these days, at Least in Chicago since we have a lot of 2 flats with basements (most of them finished) who are listing a property as a 3 flat even though in the tax records and the County assessor's office the property is recorded as a 2 flat. 

Some people overpay for properties like that and after they run into difficulties getting a permit to legalize the basement.

@Kitty Lee

What is your strategy with buying real estate in Cook County?

Are you looking to move in Chicago and use the purchased property as a primary residence or are we talking about an investment property ? Are you maybe looking for a multi unit for hold and rent?  Or fix-and flip?

There are 77 neighborhoods in the Chicago metropolitan area, and there are many subdivisions within those neighborhoods. It is complex. So you would have to be precise with what you are looking for.

I would agree with everything that John said in the previous post, I have clients looking to rent by the Lake, (neighborhoods like Lake View and Edgewater)  then  busy and condensed areas with a lot of things to do (like Boystown, Bucktown,  South Loop,  Andersonville) and also areas which are close to universities are always hot for tenants (Loyola Rogers Park / Northwestern Evanston, Hyde Park, Little Italy, Southport Corridor/ Lincoln Park)

@Heather then give them the desired closing date and offer more (first option - $125k) but ask them to pay the CC

In that way 'subcounsciously' they have gotten a price which is close to what they are asking for, and their desired closing date but you are asking for a small thing in return. (for them to pay the Closing costs) 

@Dylan A Thompson my seller just accepted an offer where the buyer was putting 10% down. He did not like it at first, but I convinced him to take the offer because he was ready and able buyer and in return we asked for all 10% as Earnest Money. 

Often happens for seller/s NOT to accept cash offers over the ones with mortgage contingency only because the seller needs to move out on a specific date or there is something else important to them. 

Always call the real estate agent who represents the sellers and ask them what is that the seller actually needs and try to figure out the real reason behind the move!

Also, you can increase the earnest money (to prove you are a serious buyer), you can be closer to their list price, you can play with the closing costs, you can waive professional inspection etc.. there are a lot of other things to make your offer more desirable to sellers! 

Heather, you will make your offer stronger by talking to the agent that represents the seller and asking them what it important to the seller?

Sometimes it is the closing date, sometimes it is the price. Make sure you communicate and find out that is that the seller needs and try to include that in your offer.