All Forum Posts by: Vincent Incopero

@Greg W. If the building is cash flowing and has appreciated over the last 3 years, you might be surprised at the actual appraised LTV on a refi. You credit hiccups aren't as important as the performance of the building itself, but you can bet your behind that your debt service costs are going to triple. 2% is a sweetheart deal that you aren't going to find in the market right now.

If you want the name of some lenders that can assist, feel free to reach out. 

Contact @Ante Vujic with Novo Realty Group, LLC. He has a nice operation going on the south side.

Assuming that the Seller is on the hook for the payment: Seller's attorney/Title Company needs to go to the  County Treasurer's office and request open item bills. If the property is in Cook County, the original YELLOW open item bills must be brought to closing and presented to the title company so that they can pay the open item bills at Closing (or shortly thereafter)

Assuming that the Buyer is on the hook for the payment: Same mechanics. 

Assuming that neither party wants to do the leg work: Title company will estimate the total amount of OPEN (unpaid taxes) and multiply that figure by 150% and hold that amount in a TI. Title company will charge $175 to hold that sum and pay post closing. Seller to receive excess $$ (approx 1/3 of amount held) around 90 days after closing once the open item bills have been obtained by the Title Co and paid.  [Ie if there are 10k in open taxes, Title Co will hold 15k of Seller's proceeds and refund approx 5k within 90 days after Closing]

IF THE SELLER'S PROCEEDS ARE ALREADY GOING TO BE SMALL, FOR THE BENEFIT OF THE TRANSACTION, SOMEONE INVOLVED SHOULD GET THE OPEN ITEM BILLS TO AVOID ANY DISPUTES AT CLOSING. AS A FORMER UNDERWRITER AT CHICAGO'S LARGEST TITLE COMPANY, I HAVE SEEN THIS HAPPEN MANY TIMES. THINK AHEAD AND DO THE LEGWORK SO THE DEAL DOESN'T UNRAVEL AT THE CLOSING TABLE.

@Salvador Maldonado Time to go to a REIA or meetup and get a new attorney.

@Brandon Reda Feel free to call me if you are looking for an attorney. About 60% of my business comes from working with rehabbers. 

@Brie Schmidt Because the 2 PINS are essentially useless individually and the property straddles the two, the expense of merging/consolidation of the 2 PINS is just that, a wasteful PITA

@Davis C.

You need to contact a surveyor and the municipality. 

Municipality to find out if it is permissible to develop on the adjacent bare lot (may be requirements as to total lot area that prohibit) and if a variance or any other legwork would be required. 

Surveyor to legally describe the new parcels if and once you get the green light.  You may need to contact the county as well to update the records of areas of the new parcels. 

!!!FYI!!! An easier way to do this may be to prepare an easement that runs in favor of the benefited parcel (developed) for the use of the 5 feet that garage encroaches over and onto the burdened parcel (bare land)

Feel free to pm me. I do them all the time. I don't make rookie mistakes like accountants and other attorneys using your home address as your place of business. 

@Account Closed

@Account Closed did your guys offer up a word of caution or a solution on that one? 

An endorsement that increases the face amount of the policy of Owner's Title insurance up to 20% (144k) during your term of ownership. IMHO, its a waste of $175. 

@Maxwell Lee These fees are standard, reasonable and customary. Looks like you are purchasing a 120k condo.  Ask your attorney to remove the Residential Inflation Enhancement endorsement and you are good to go!