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Chicago Sfh With Unlisted 2nd Unit. What Do I Do?

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BonoB

Thread Starter
Freshman Member
Joined
Jun 26, 2017
Professional Status
General Public
State
Illinois
Hi! Trying to buy a house in Chicago. We received an accepted offer. The house is listed as a single family home and zoned as RS-3 BUT there are two electrical boxes in a nice in-law unit in basement. My offer is for a typical 30yr. Conventional mortgage on a SFH but, I'm worried about this basement unit. Everything works. What will an appraiser say about the 'in-law" basement unit? What will my lender say? Any thoughts or advice is much much appreciated!! Thank you.
 
Last edited:

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
My thought is,
if this will be your primary residence, or the only residence you own, the second unit should not be an issue.

If you own another residence within 50 miles, or whatever the arbitrary boundary is, your loan might be converted to investment, instead of residential, which, carries a different interest rate and down payment requirements.

But that's just my thoughts and I'm not a loan officer.

.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Hi! Trying to buy a house in Chicago. We received an accepted offer. The house is listed as a single family home and zoned as RS-3 BUT there are two electrical boxes in a nice in-law unit in basement. My offer is for a typical 30yr. Conventional mortgage on a SFH but, I'm worried about this basement unit. Everything works. What will an appraiser say about the 'in-law" basement unit? What will my lender say? Any thoughts or advice is much much appreciated!! Thank you.

2013 DISCUSSION - info then may be the same today - or not. >>> READ all 12 posts >> then have your attorney contact the City for any updates/changes re your specific prospective purchase.

https://appraisersforum.com/forums/...-family-home-conversion-to-a-two-flat.195438/
 
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