All Forum Posts by: Bob Floss II

@Clint McGraw Once the sale is approved by the court, the deed is created by the auctioneer (judicial sales or intercounty) and unless its picked up, is mailed to the winning bidder. The winning bidder has the burden to record the deed. 

@Luke Aubut The buyer is not required to have an attorney, but it's heavily recommended. There are enough moving parts on closing day, it helps to have an attorney to review everything is correct at the closing table. 

@Uddhav Kapadia Curious how large the building is? I would agree that quote is high. 

@Adeel Makda I've found the south suburbs to be pretty profitable right now. 

@Joel O. Have her do a promissory note with personal guarantee

@Lynn Belnap First step is find out if the husband is alive. If you pay for a skip trace you should be able to figure it out. Send a letter to the husband and any children. If she had a will, it probably went to husband. If she didn't have a will, it likely is owned by husband and her children, although it depends on your state. They can sell it but you have to get all the heirs to sign off on it. Get a good attorney to help you, there are a lot of legal hoops to jump through to complete the process. 

@Jonathan Almanza Have a plan and move fast. Hard money is great but typically has a very high interest rate so you cannot hold the property for long. A flip absolutely cannot go longer than 6 months. 

@Ryan Bird It's a mess. If you use e-recording, they are getting scanned in after a few weeks, but I don't think they are getting mailed. If you drop off the deeds in person, they are not processing them until they re-open. 

@Mindy Jensen I would like if reviews can be limited in some way. A reviewer needs a certain number of posts, activity, etc in order to leave a review. My issue is I want reputable reviews and not randoms either posting fluff reviews or posting bad reviews about competition. 

@Andrew Fidler The legal community has been debating this for months and we have heard rumblings from the judges that if they don't like what they see, they will dismiss the case. It's important to remember we are doing a balancing act with numerous Federal, State, County, and Municipal actions preventing evictions. You might not be in violation of the CARES Act, but if you served a 5 day notice while your state's stay-at-home order was in effect, the judges may rule your notice is invalid and dismiss the case entirely, forcing you to start over.

In Chicago we are required to file an affidavit with the eviction complaint stating the owner is not aware the property is subject to the CARES Act. The collar counties around Chicago have all opened up, but Cook (Chicago) County has decided to keep their courtrooms closed until July 6th. It's getting really hard to keep track of every detail.