Customer Service Specialist · Chicago, IL · Member since 2015 · 3 posts · 0 votes
Hello Everyone
I have a condo on the far north side of chicago( East Rogers Park) it's falling apart but has character and I'm wondering if I can unload this property with the aid of an investor who might see this unit as a rental option ? Brick walls, 2 story 3 bedroom, 2 baths and outdoor deck area, can I get out of this nightmare without incurring out of pocket expenses ?
@Pierre Mcgraw, what do you mean by "out of pocket expenses?" I ask because this could be interpreted several ways.
1. You don't want to spend any money to fix it up
2. You don't want to bring money to the table to sell it (e.g. Short sale, closing costs, commissions, etc)
In the case of #2, all costs will be deducted from the sales proceeds, including the mortgage balance and the money left over goes to you. You would not directly pay "out of pocket" for any of the expenses unless the sales proceeds does not cover the costs. If this is the case, you will need to bring the difference to the table or consider a short sale.
In the case of #1, there's always a buyer for every property, but I'm curious to know why the condo wasn't maintained by the association. Have you consulted a real estate agent to see what it's worth as-is? This may help make your decision.
My intent was misunderstood. I have lived in my condo nearly five years and over the time I have owned, mismanagement of funds and my condo is not as pristine as it was. I am trying to figure out a way to sell my place as is as with my assessments and mortgage I can't afford to invest in this place any longer and it is still a quality place, just needs a bit of TLC but would be an amazing investment opportunity for someone looking to rent this place out.