Profile picture for geoone2

recently purchased REO in building that is inactive, how long will i have to sit on

building has six units all sold but no one resides in them, because building has roof damage. What options do i have at this point.
  • October 10 2010 - West Chicago
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Answers (3)

Profile picture for wetdawgs

What was the agreement when you purchased the uninhabitable unit?

You can either have the six parties together gather funds to get the roof repaired, or you can pay for it yourself or forget about it totally as a bad investment.  It sounds like a headache I'm glad I don't have.  

  • October 10 2010
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find out how much the roof repair will cost. Then get in contact with the other owners, and try to get them either on board to get the roof fixed, or to sell you their units.
  • October 10 2010
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I think you might have asked that question before you bought. You can pay to fix it or ignore it. If you pay chances are about 100% that you will never get reimbursed. If there is no liability insurance on the building and someone hurts themseIf or some other insurance related 'issue' occurs, you might be the only one to come after. If you do not fix the roof, you risk neighbors calling the city to complain and if the city gets involved the building might end up in demolition court. Chicago does this all the time.
You will need for all of the units to come on the market and be sold to investor types like you. That could take 1-3 years. Then you all need to find one another and get together and 'agree' to set up a condo association. Then you all need to agree to pay the past due common expenses of the building like water/trash because that bill could be a few thousand depending on how long nothing has been paid.
Good luck with all that!

philip
  • October 10 2010
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