What is A Condotel Unit?

Susie Scheuber REMAX

Susie Scheuber: High End Real Estate Expert

A Condotel, also known as a Condo Hotel, is a condominium unit in a hotel where it is individually owned but the Condo Hotel management staff takes care of all the management and maintenance such as daily rentals, book keeping, room service, and house keeping.  The Condo Hotel unit owner can use the Condo Hotel  whenever they are in town and while they are away, they can have the Condo Hotel management staff rent it for income and maintain it.

Susie Scheuber: Illinois Condotel Expert

Condo hotel units are extremely popular in Florida but is also becoming very popular in Illinois.  Illinois top producing realtor Susie Scheuber of RE/MAX is Illinois Condo Hotel Expert.  Susie Scheuber is the only realtor in Illinois who has contacts and close relationships with Condo hotel mortgage lenders and can help any Illinois Condo Hotel buyers get a pre-approval the same day.  If you live out of town and have always dreamed of owning a vacation home in Illinois, Illinois Condo Hotel Expert Susie Scheuber will assist you not in just showing you available Condo Hotel units, but also with the Condo Hotel mortgage process until your dream Condo Hotel unit closes.

Illinois Condo Hotel unit Purchase Process

If you are interested in purchasing a Condotel unit in Illinois, contact Illinois Condo Hotel Expert Susie Scheuber.  Susie Scheuber will then introduce you to one of her Condo Hotel Correspondent Portfolio Lenders and assist you with the pre-approval process.  It normally takes no more than 30 minutes to get an Illinois Condo Hotel  mortgage pre-approval.  Once Susie Scheuber gets the green light from the Condo Hotel mortgage lender, she will show you the available Condo Hotels that have Condotel units for sale.  There are always Condotel units available at the Trump Tower in downtown Chicago as well as the Ritz, Hyatt, and Marriott.  Condotel units range from as low as $100,000 to over $3,000,000.

Condo Hotel unit purchase

Condo Hotel unit owners are extremely selective on showing their Condotel units.  Susie Scheuber is probably the only Illinois Condo Hotel Expert in Illinois who has access to Condotel mortgage lenders.  Most realtors do not even think Condo Hotel Financing exists.  Most realtors will tell their Condo Hotel unit buyers that if they are interested in purchasing a Condo Hotel unit in Illinois, they need to be a cash buyer.  That is so untrue.  Granted, Condo Hotel financing is extremely rare if not obsolete.  Even portfolio mortgage lenders will not lend on Condol Hotel units.

Many times, even with a Condo Hotel pre-approval letter, the seller of the Condo Hotel unit might have second thoughts of showing their Condo Hotel units.  In the event that scenario happens, Susie Scheuber will take charge and have the seller contact the Condo Hotel unit mortgage lender directly.  This often guarantees a showing and the ability to present an offer on the Condo Hotel unit.

Contact Susie Scheuber

Once you decide on the Condotel unit, Susie Scheuber will present a one page Condotel questionnaire to the Condo Hotel homeowners association.  The Condotel questionnaire are a list of basic questions concerning the financial stability of the Condo Hotel as well as the building standards.  The Condotel unit lender does not want the Condo Hotel complex to have any financial issues such as potential bankruptcy proceedings or major foreclosure rates in the Condo Hotel as well as no major building violations or structural issues.  Once Susie Scheuber gets the completed one page Condotel questionnaire, it gets submitted to the Condotel mortgage lender for review.   Normally, the Condo Hotel questionnaire gets reviewed within 24 hours from the time it gets submitted.  Once you get the Condo Hotel questionnaire approved, you can enter into a Condotel purchase contract which Susie Scheuber will quarterback with the selling Condotel realtor or Condotel unit owner.

Susie Scheuber: High End Real Estate Expert

Once you have entered into the Condotel purchase contract, Susie Scheuber will give the Condotel mortgage lender the green light to proceed to process your Condotel mortgage loan request.  You can get an official Condotel mortgage loan approval within 48 hours from the time you submit your Condotel mortgage application and documents.

Contact Illinois Condotel Expert Susie Scheuber at www.susiescheuber.com

If you are interested in purchasing your dream Condotel in Illinois, contact Award Winning Five Star Realtor Susie Scheuber at www.susiescheuber.com or call her at 815-263-5988.  Susie Scheuber one of the top ranked realtors in Illinois and is nationally recognized for her expertise and knowledge in real estate.  Susie Scheuber is also a Premier Realtor at Zillow.  You can visit Zillow Premier Agent Susie Scheuber at www.zillow.com .

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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