Chicago Basement Units

[William K]

I understood your point.
My point is that given the anomalies that we've both seen in the City, I am surprised that you are applying YOUR judgement as to what the City would deem the area.

I do not go there, because even if I'm right, the City can and will come along and prove me wrong!

We all use our own judgment when we appraise. You even use yours by saying its legal -credit is given for basement finish only because the market accepts it, then the city can come along and prove you wrong.

 

[ExplainDNA]

I apologize if this has already been addressed, as I didn't have the time to read each response.

Insofar as I understand the OPs concerns, there are two potential/sensible possibilities:

1. It is Legal, Nonconforming.

2. Illegal.

It is, however, not purely Legal, Conforming.

If the owner CLAIMS it to be legal (via having obtained city permission/permits sometime in the past), then a rebuild letter can be obtained by the owner to that effect. An 'Extraordinary Assumption' could be made in the interim, throwing it back on the lender to either wait, or whatever.

If, however, it is illegal, the homeowner admitting he/she did it on their own, without city approval, the you have your answer. Contact the client and ask if they prefer a 'Cost to Cure', or what.

This isn't rocket science, it's just CYA.

Best,

Dave...

 

[AlwaysLearning]

...
If the owner CLAIMS it to be legal (via having obtained city permission/permits sometime in the past), then a rebuild letter can be obtained by the owner to that effect. An 'Extraordinary Assumption' could be made in the interim, throwing it back on the lender to either wait, or whatever.
...

Good suggestion, however…

Rebuild Letters must be submitted with copies of either permits issued by the Department of Buildings or a copy of the search request from the Department of Buildings Record Division stating that “No records are available or No records found.”

Any application submitted without this documentation will be returned to the applicant “unable to process”.

 

[ExplainDNA]

I know, and I also don't care.

Again, it's just CYA. I say something, give them options, and they decide how to pursue it on their end. Either way, I am off the hook, and off the hook is all I ever care about in this type of situation.

This isn't rocket science. Build a barrier between you and liability, let others either take the fall or make the call.

Dave...

 

[AlwaysLearning]

...I say something, give them options, and they decide how to pursue it on their end. Either way, I am off the hook, and off the hook is all I ever care about in this type of situation.

This isn't rocket science. Build a barrier between you and liability, let others either take the fall or make the call...

I couldn't agree with you more.