Vernon Hills - Greggs Landing Townhomes - Investors Not Welcome

I recently submitted an offer on a short sale townhome in this popular subdivision of Greggs Landing in Vernon Hills. The offer was on behalf of some investor clients of mine who are taking advantage of the low market prices of homes as an investment for the future.

About 2 weeks into the offer we finally got the information we needed in relation to the ability to rent the unit. It transpired that the unit cannot be rented in the first 12 months after closing unless it was to a blood relative. Add to that the requirement now that only 10% of the units an be rented out, our contract was withdrawn. These are new rules and in fact the owner was renting the unit out when we submitted our offer.

So if you are looking to buy units as investment but want to rent them out, I highly recommend you get hold of the associations regulations as soon as you can. In a normal transaction you have 5 days to request the Declarations of Condominium Covenants so you can ascertain whether you have the ability to rent out your unit. This being a short sale, the contract was in this case submitted to the lender for approval first. Had we waited until approval was given, it would have wasted as much as 6 months of my investors time.

This weekend we identified another property to buy, we know that it can be rented.

Our transactions are becoming more complex than ever before, it is imperative you choose an agent that does due diligence on your behalf!