by Michael H. Wasserman A pervasive problem for some in contemporary society splits us into two camps. One particular segment of the community. They may be your friends, your neighbors, your co-parishioners. They are fully aware of the environment we live in. They read the same things you do. They receive the same guidances we all do. They take wildly different views of what those writings mean. Who they apply to. They are not easily persuaded by reason or the advice of experts. While they acknowledge legal obligations they still want to “do their own thing,” often to the detriment of others they engage with. You know who I am talking about. Unrestrained buyers who ask for the sun, the moon and all the stars based on property inspections without regard to the terms of their inspection contingency or as-is contract. Sellers expect buyers to abide by inspection contingency terms of the contract they (the buyers) offered. If the deal is “as is,” sellers expect not to hear a thing.
by Michael H. Wasserman An interesting 20 minute podcast here . The disaster in Miami calls to light a critical challenge for all condo owners, including owners here in Chicago. Who decides if repairs and who pays? Hint: the owners. These are two really tough questions to answer. Particularly because condos are for the most part run by untrained volunteers. Few have experience apartment buildings. These volunteers have to not only appreciate the need for action but must then convince their co-owners that the necessary costs must be paid. Think these sorts of deferred (ignored) maintenance problems don't effect us localy? Consider the deconversions of Keneally Square or River City back in 2017 & 2018. The over-whelming costs of long deferred maintenance forced owners to sell out at a loss. Thankfully, no loss of life, but still disastrous outcomes. This is one of many reasons why Buyers should inspect condo common elements, financial records and meeting minutes. Understandin