Posts Categorized: Condos/Townhomes

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Comparing Assessments

When shopping for a condo or a townhouse in Chicago buyers are often confronted with comparing units that have assessments that are significantly different. So how do you make this comparison? First, the simple part which almost everyone intuitively knows. Check to see if heating and/or air conditioning is included in both. If not, then… Read more

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New HUD Guidelines Lift Ban on “Right of First Refusal”

The U.S. Department of Housing and Urban Development (HUD) issued a release which outlines upcoming changes designed to streamline the approval process for FHA financing for condominium projects. Most notably, there is a provision stating, “Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Act regulation in 24 CFR… Read more

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When Your Condo Building Doesn’t Have Enough POO

There is a too-often ignored field in the MLS for condos which is abbreviated in the system as POO – percent owner occupied. In the current environment this number has become critical for buyers seeking mortgages since lenders see a low number – less than 70% – as a sign of trouble. In other words,… Read more

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Want to Buy a Condo? Read this First, More Fannie Increases!

Are you thinking of buying a condo in a newly constructed building?  Plan to get an FHA loan for the purchase?  If so, you should beware that Fannie Mae has tightened credit for buyers of condominiums. You may recall from earlier posts that Fannie Mae is one of the largest players in the secondary mortgage… Read more

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Chicago Condo Market Looking Grim

Well, it looks bad for sellers but good for buyers. Our recent check of months of supply of 2 – 3 bedroom condos in the city clearly highlights what we all instinctively know: there is a ton of inventory out there. 2008 was uniformly higher than 2007 and really shot up over the last 4… Read more