Problem - Our Client Feared Being on the Hook for a Special Assessment and Surprise Repair

Buying a home can be an emotional rollercoaster. You’ve done your due diligence, accepted an offer, and you’re getting ready to close when a problem surfaces at the 11th hour. Our client, who was looking to buy a home in Palatine, was faced with two challenges:

• Being responsible for a special assessment

• Last minute repair

During the attorney review period, we discovered that our client would need to take on the liability for a special assessment of up to $5,000 required by the HOA. If that weren’t enough, during the final walkthrough of the property, our client discovered water damage caused by a shower leak. 

Solution - Delivering for Our Client

We addressed the special assessment matter by obtaining information from the HOA attorney, and combing through the documentation--including meeting minutes and budgets--along with conversations with the property management company. To guard against the special assessment burden, we negotiated with the seller to put the money in escrow and transferred the liability to them. For the repair, we had to move fast because we wanted to close on the same day the problem was detected. We worked with the seller to escrow enough money to pay mutually agreed contractors to make the repairs without any cost to our client. 

Outcome - Peace-of-Mind & Savings

Our client experienced the double whammy of possibly being responsible for a special assessment and what every buyer fears, a very last minute repair situation. We solved both problems by ensuring he was 100% protected and saving him up to $10,000. In the end, he was happy because everything fell into place.