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Chitown_Badger said...
It's kinda funny....as if someone who doesn't live in chicago, hasn't been following the market or doing research like I have for the past year, and doesn't have the experience of a realtor or other friends who have bought and know the market, AND LIVES IN THEIR MOTHERS BASEMENT, somehow knows what a place should go for and that it is for some reason going to be difficult to sell.
If i get it, I'll be sure to post what it assesses for.
"This board would be great if it weren't for all the posters. ." -- AA Spartan 12/16/11
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Chitown_Badger said...
I'm aware of how condos work. There are a few in Chicago. I have great credit and I'm putting down 25% so I'll get the best rate possible. We'll obviously see all the paperwork before the deal is finalized, and the listing agent actually lives in the building and runs the association...so she knows how those things work. There are 33 units in the building, which is more than I'd ideally want, but at the same time if I got a place in a 3 flat and one of them went into foreclosure, you're one more away from the building being in a very bad situation.
In this neighborhood, you're lucky to touch a single family home for less than a million, so that wasn't really an option. And I wasn't about to move to Schaumburg.
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john winger said...
$252K would be a steal in that location. pics look great. good luck. i agree with one of the other posters, def check to make sure that your walls arent paper thin. nothing worse than hearing every single footstep and conversation with all your neighbors. the market is sooooo fucked in chicago, but yet its not even half as bad as other places around the country.
This post was edited by Chitown_Badger on 4/6/2012 at 9:52 AM
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Chitown_Badger said...
Email from my realtor: She just called me and the seller is countering at $274K. They both feel he’s had great traffic and will get close to his asking price, so they don’t want to move much. I explained that you felt like he sat on the market at $265K last Fall, but she said that the floors and carpets were in terrible shape and the old tenant wouldn’t let them show it up which is why they pulled it, fixed it up, and put it back on the market.
OK, so here's what I need. Ghost, please get your ass on the first flight to Chicago this morning. Go visit this seller and have a "talk" with him. Please capture on video and report back. Thank you.
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john winger said...
another suggestion i can give you is to see how loud the street traffic is at that intersection. have you gone there in the mid afternoon when rush hour gets going and sat on your balcony???? i have a condo that faces western ave and you think barely hear yourself think on my balcony. also, western is a major route for ambulances, we get 3 of them per hour blaring their sirens.
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Phil McCrackin said...
List is $275k, you offered $252k and they countered with $274k? Also, this same unit was on the market last year for $265k and didn't sell?
By coming back $1k under asking, they are essentially telling you they don't think your offer is serious and/or don't want to negotiate. I don't know enough about the condo market to know what a good price is for this unit, but I suspect you could look at a few recent sales in the building to get a good idea and assume your real estate agent has already done this.
It's not like there aren't any other 2 bedroom condos on the market in this neighborhood, and I'm assuming you aren't in some kind of time crunch to buy, so use that to your advantage.
If you think your offer is reasonable based on the info you have, I would come back with $1k more and let them know you're going to keep looking if they don't want to negotiate any further.
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Chitown_Badger said...
Just talked to my realtor and she was talking about a few other properties in the neighborhood. There was one across the street on lincoln that was only a 2 bedroom 1 bath, both the bedrooms were open, and one person who viewed it said it was outdated. And it just sold for $249k. She said she thought this unit was a good value at $275 initially, and that the seller thinks he can get close to list, which is why he sent that shit counter back. I'm thinking of coming up to either $265 or $266 which would allow him the opportunity to meet in the middle around $270...because obviously he didn't want to start the "meet in the middle" game from $252.
Seems reasonable. I'm sure if you come back with $265 they'll probably counter with $270ish, you'll settle around $268k and everyone will be happy. You'll get a great deal, they'll get "close to asking price".
Then you can hammer them on anything that comes up in the inspection or make some unrealistic demands about closing .
You could always try the "seller covers the closing cost" thing too, if you really want to turn the screws on them. I've never done this, but from what I read it happens sometimes.Phil McCrackin
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Chitown_Badger said...
Just talked to my realtor and she was talking about a few other properties in the neighborhood. There was one across the street on lincoln that was only a 2 bedroom 1 bath, both the bedrooms were open, and one person who viewed it said it was outdated. And it just sold for $249k. She said she thought this unit was a good value at $275 initially, and that the seller thinks he can get close to list, which is why he sent that shit counter back. I'm thinking of coming up to either $265 or $266 which would allow him the opportunity to meet in the middle around $270...because obviously he didn't want to start the "meet in the middle" game from $252.
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john winger said...
if you really want this place find out where the closest hospital is located and if you happen to be next to a frequent ambulance route, or a fire station. this kind of city noise is something i will never get used to in chicago. as you know murders, shootings, violence is way up in this town right now
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Phil McCrackin said...
Seems reasonable. I'm sure if you come back with $265 they'll probably counter with $270ish, you'll settle around $268k and everyone will be happy. You'll get a great deal, they'll get "close to asking price".
Then you can hammer them on anything that comes up in the inspection or make some unrealistic demands about closing .
You could always try the "seller covers the closing cost" thing too, if you really want to turn the screws on them. I've never done this, but from what I read it happens sometimes.
Yeah, if I go back with the $265, I'm going to remind them that I'm guaranteed to close, am putting down a large portion, am flexible with the close date, and that I need (ie. want) to do some work to the place, so I'll be putting money in as well.
I'll make sure I get an inspector that is a real asshole.
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I just put in an offer on a condo