How a Special Assessment Became Our Secret Advantage
Faced with 50 competing listings and a looming plumbing assessment, this condo sale could’ve gone sideways. Instead, we used transparency, timing, and a smart escrow incentive to land multiple offers — and close in just two weeks.
🏙️ The Condo Sale That Came After the Win
This story focuses on the sale, but it actually started after a big win on the buy side. We had already secured their next home, so the pressure was off — sort of.
Originally, they were debating whether to keep their condo as a rental or to sell it. Once their purchase was locked in, they decided to move forward with the sale — and once again, I was trusted to make it happen.
📈 A Crowded Market in a Massive Building
This wasn’t just any condo building — it had 901 units, and at the time we listed, more than 50 of those were already on the market. Three were in the exact same tier as ours.
But we weren’t concerned. I prepped the property with everything I use for a high-impact listing — professional photography, video walkthrough, floor plans, drone shots, broker-to-broker outreach, social media campaigns, and third-party syndication. The staging looked great. The marketing was tight. Still, I knew that even the best presentation wouldn’t solve the bigger issue.
🚩 The Unofficial Special Assessment
Here’s what made this listing extra tricky: the building was quietly preparing for a major plumbing project involving the risers — the vertical pipes that deliver water throughout the structure.
No official special assessment had been levied yet, but meeting minutes suggested it was coming. And anyone who’s bought a condo before knows the first question buyers ask is:
“Are there any special assessments?”
Most agents would’ve avoided bringing it up, hoping the buyer wouldn’t find out until later. But in my experience, that’s exactly how deals fall apart during attorney review — two or three weeks after going under contract.
I believe in transparency. So I addressed it head-on.
💡 A Strategic Incentive
Instead of burying the issue, we used it to our advantage. We marketed the condo with a $10,000 escrow hold as a buyer incentive. If the eventual assessment came in under that amount, the seller would get the difference back. If it came in over, the buyer would cover the rest. The funds would sit in escrow for up to two years.
It was a smart, honest solution — and it made our listing stand out from the others that were staying quiet.
✨ Multiple Offers, But a Tough Call
Sure enough, the strategy worked. We received two offers quickly — one was cash, and one was financed. The financed offer was $10,000 higher in net proceeds, which sounds great at face value… but that wasn’t the whole picture.
🧠 The Financing Risk You Don’t See Coming
Since the tragic Florida condo collapse, Fannie Mae and Freddie Mac have imposed tighter lending standards on condos. Even a small issue — like surface rust on a balcony or a minor garage crack — can flag a building as non-warrantable, which makes conventional financing impossible.
Years ago, only about 100 buildings in Chicago were flagged. Now? Over 5,000.
So even though the financed offer was higher, I advised my client that the risk of the deal falling apart was far greater. And if that happened, we’d be back on the market weeks later with lost momentum.
The cash offer, on the other hand, was clean and could close in just two weeks. That certainty was worth more than the extra ten grand on paper. My client agreed — and we moved forward.
🔑 A Quick Close with One Catch
The cash buyer was an investor planning to rent the unit, which worked in our favor. Because my client’s new home wasn’t ready to close for another 90 days, we needed extra time before they could move.
So, I negotiated a post-closing possession agreement. After the sale closed, my client stayed in the condo, paying rent to the new owner for a short time until the move could happen. No rushing, no storage units, no temporary housing.
Everyone got what they needed — on their own timeline.
📦 The Takeaways
This wasn’t a simple sale. It involved rising inventory, a looming special assessment, stricter lending regulations, and a moving timeline. But through strategy, communication, and creativity, we navigated all of it.
We closed quickly. My client stayed comfortably in the unit. And the buyer got a solid investment.
📣 When the Market’s Complicated, Your Strategy Can’t Be
You don’t need luck — you need clarity.
You need a plan. And someone who knows how to make it work, no matter the market.
👉 Thinking of selling? Let’s talk strategy.
📅 Schedule now
📞 Or reach out directly at 312.880.9409
