All Forum Posts by: Matthew Perry

@Adrian Castillo you would think something would have come up. We are working to use the title insurance, maybe. The title company is the largest in our city and one of the biggest in Illinois.

@Peter Walther we received something similar. But that box was not marked at all. Our agent missed it and so did we.

@Nicholas Manni. Chicago, that HAS to happen prior to close... everywhere else in Illinois-I don't know how it slipped through.

@Kevin Sobilo we did use an agent, they did not catch it on the contract checklist. It was not marked at all if the seller knew about any legal state or local issues with the property. The seller had an agent. We had an inspection.. no one told us anything.

Ya things have already began to spiral into more... which is crazy. Someone dropped the ball during the purchase.. we just don't know who. Now we know you can look this up before a purchase, but it was never mentioned before.

We bought our first rental property,  a triplex (home converted to 3 separate units) after several months of searching for the best deal. We found out after that this property has several open code violations and 1 or 2 of these are going to cost between $20-$60k each. We had an inspection done, but they don't pull codes. We did not use an attorney because no one we had talked to told us that was needed. We bought AS-IS but I know there is some law(s) in place to not let this happen. We were supposed to be notified! Anyone had this happen?? It's a mess! We have now the city legal department after us to get these completed because the previous owner just stopped responding to them and sold us the property. BEWARE and always check on the property you are buying if there are open code violations! We are 3 hours away from Chicago and I know for a fact that a sale of a property can't even take place with code violations open. So how did this happen?? I need this to be a topic on Seeing Greene lol. Please let me know any advice you have! We are in central Illinois.

@Andrew Syrios thank you!! Very helpful!

@Alex Breshears thank you for all of the helpful insights!!! I have made notes!!!

@Andrew Syrios I'm trying to fully understand the FHA LOAN where you can borrow for more than current value. Like planned rehab. We are very green to the entire process and I may not be explaining well what we are trying to do. We would love a turn key... does not have to be, and those are harder to find. We have 10k max in cash. Want to use it as WISELY as possible. So smallest down-payment possible... and getting the most bag for our buck. If we can get a loan for more than what we are purchasing the home for ( buying a home price for under appraisal value) ... thats ideal... just exploring how to best hack our way into this

@Theresa Harris I understand you can't borrow more than a home is worth. If we are able to get a deal ... maybe I am not asking correctly. We purchase at a deal price under an appraisal value. We have maybe 10k cash and we need to use wisely to start out. We want to get an FHA for minimum down-payment