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

[BonoB]

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.

 

[Meandering]

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]

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/