NewHomeNotebook's Q&A

Visit the developer's Web site and contact them for an answer:

Before you call or e-mail check the State of Illinois real estate license database. If this company operates as its Web site says it does, it's required to have a broker license.You won't find any listing for Jade Brokerage, and that's a screaming warning of trouble ahead.

I'm not following the solution, Sara.No change in your contractual language would have any effect on the right of first refusal in a condo dec. The association would still have the right regardless of what your contract says.

What to do? Rent. Rebuild your credit. Accumulate some savings.Unless you have some substantial experience in real estate and a cushion of liquid assets you should never consider buying foreclosed property unless it's in pristine condition, which is rarely the case.

It's common for condo declarations to give the board of directors of the homeowners' associaton a right of first refusal on the sale of any unit in the property.The right must typically be exercised within 30 days of a contract being presented to the board for consideration. The FHA refuses to insure loans on condominium units where the condo dec contains a right of first refusal, because of the potential for the right to be exercised in a discriminatory fashion. See, for further info:http://www.fhainfo.com/condos.htm

You can also check in with your building's management company. Building managers often bend over backwards to give disinterested, honest advice to their residents.Members of the board of directors of your building's homeowners' associatoin are another source.Interview several Realtors before making a decision.

You're going to have to examine the specifics of the condo declaration to answer that question. First, determine whether it's assigned or deeded parking. Assigned parking, of course, can't be sold. Deeded parking may or may not be sold - whatever the doc says.If the parking spot can't be sold, the next question is whether it can be rented to someone who's not a resident. Check into tht also.

Simple answer: the real estate market was so strong for so long, and low-down payment financing was so widely available, that many real estate agents either never learned about the FHA programs or steered away from them because of the additional paperwork.The agents weren't being devious, there was just little need for the FHA for a long time. That's changed.

The last place you should start is with a lender or mortgage broker.Start with the City of Chicago's new homes page and the links from it.Check in with Neighborhood Housing Services, which partners with the city to spread information on many of its grant programs.

Denyse,You can find calculators at the Village of Wilmette site that will answer your question based on lot dimensions or square footage. Seehttp://www.wilmette.com/wilgov/default.asp?cv=wilgov&Id=4