Chicago Short Sale with City of Chicago Lis Penends
Hi BPs!
Well, here I have another off-MLS bite. This is about to foreclose and comes with some luggage. I am wondering how to approach it. Any help is greatly appreciated.
The City filed Lins Pendeds against the property. They built an illegal basement in a SFH. They got flagged and now there is legal action.
The issue appears to be as follows: Get the place to code or demolish. I'm concerned with the legal cost associated with this in Chicago.
The basement has a ceiling height of less than 7', so digging the floor will be expensive. Also, the electrical and plumbing was done without permits, the only way to inspected is to demolish everything, I guess.
How much will it be to comply with the City and demo the entire basement of a typical frame SFH home in Chicago, call it 1,100 sf. Also, what kind of legal costs am I looking at?
Will a lawyer give me an approximate cost or will this be by the hour? I have a few contacts and I will reach out for feedback, but I decided to check here first.
I may have about $10,000 on the price to pony up these costs, more than that is not a deal.
Thanks!
Frank