Disclosing a Water Issue in a Chicago Condo (homeowners association, attorney)

[pattebo]

How big of a deal is to disclose a water issue in my condo? The Homeowners Association is planning to make good on the repair, however my employer is relocating me and I'm anxious to list my unit. Am I better off waiting for the repairs to be made?

[linicx]

I absolutely would not list until the issue is fixed. If you are a seller you do not want your potential buyer to see water stains on ceiling, sidewall, etc.. If you are a seller and you have not updated for some time, now is the time to think about a fresh coat of paint, maybe new faucet sets, spruce up ceiling light fixtures and have the carpets professionally cleaned.

In any case stage it, which means removing clutter from rooms and walls, and extra furniture. Minimal is better. Freshly painted and slightly updated shows better and sells faster. A couple hundred bucks and a little sweat, plus a storage locker may net you an extra $1k or more, or even multiple offers..

[Lookout Kid]

Most realtors seem to stick to the mantra that you don't have to disclose a problem if the source of the problem was fixed. Yes, this is shifty, but it seems to be the way business is conducted in Chicagoland.

[gomexico]

Originally Posted by pattebo

How big of a deal is to disclose a water issue in my condo? The Homeowners Association is planning to make good on the repair, however my employer is relocating me and I'm anxious to list my unit. Am I better off waiting for the repairs to be made?

If the repairs have yet to be made ... disclose the issue, and how it will be resolved. Otherwise, you assume some liability, which includes a cancelling of the contract or damages.

[obrien64]

We purchased our condo a few months later determined the previous owner had known about leaks the board attempted to repair. Repairs did not solve the problem and continued to damage the interiors walls. After pulling old condo board minutes we determined the previous owner was aware of the problem had discussed them at several condo board meetings and failed to disclose this to us. We hired an attorney, filed a lawsuit, won the case and were awarded $65,000 for repairs and loss of use. Moral of the story don't be deceptive.