All Forum Posts by: Bob Floss II

@Mike U. Sorry to hear. I just settled a lawsuit with a company that provided "turnkey" properties and billed the client for extensive phantom repairs. Hopefully it's not the same person. My client ended up doing the same as you by selling the properties and starting over. 

@Rance Jones Happens to me often. Usually comes down to one of two categories:

1. Title defect like an unexpected lien or the bank never recorded the foreclosure deed and now they can't find the deed to transfer title into their name. (In my area, it's normal for bank to record deed into their name and deed to buyer at the same time after closing)

2. Local rules are blocking the sale. My area contains many suburbs with local restrictions that require complete interior inspection and approval from village before any transfer on title. REO sales rarely have the staff to handle these situations and the deal gets stuck in limbo. Same can also apply to an association if the bank isn't playing by their rules.

@Mike Schorah The first question the attorney will ask is if you have a real estate license in Illinois. I'm guessing you don't and that's why they don't want to work with you. Illinois requires a brokers license. If you have one, you can wholesale all day.

Your second statement is also wrong. Plenty of wholesalers have been fined, but the information is not made available to the public. 

@Michelle Bright You received solid advice from @Jeff Copeland. You technically can transfer the property into the LLC and I see it all the time. I would never allow my client to operate without filing to do business within a state. Without submitting yourself to the state jurisdiction, you are not afforded the protections of the state. An good eviction defense attorney could use that as grounds to try to throw out an otherwise valid eviction case.

@Mike Hoang They don't HAVE to, but it will make their life easier in the long run. The US makes it very easy to bring foreign money in, but once they have a taxable gain, if the do not have it set up properly, it will be a pain. 

@Eudith Vacio @John Warren If there was higher inventory, we could see a sizable drop in prices. However, few people are going to walk away from their 3% mortgage unless they need to move for personal reasons, size up, or size down. We still have a good amount of transactions coming through the office, but it's nothing like the last two years. 

@Jonathan Klemm Illinois is a Judicial Foreclosure state. At the time of the foreclosure auction, the redemption period has expired. The property has to go back to the confirmation hearing in front of the foreclosure judge and it's extremely hard to stop the sale from being confirmed. If you go north into Wisconsin, it's the polar opposite and homeowners can overturn the foreclosure auction. 

It's a "hot pocket" market. It's hot in certain parts and frozen in others. Inventory is horrible so there's not enough action to get a true sense of the market. I've had properties sit with zero activity for months and then suddenly have multiple offers.

Attorney review has been extremely challenging. The buyers are expecting to get concessions from home inspection and the sellers don't want to budge.

@Frankie Betancourt You should be able to look at the clerk of the circuit court's website for your case and see if the attorney has filed anything yet.

@Julie George If a member of the public uses the CAR lease, the lease is legally valid. The provider of the lease cannot declare a legal agreement between two parties void because they used their document.

@John Warren @Jonathan Klemm @Crystal Smith The language is aimed at Realtors, not the general public. I'm on the forms committee for NSBAR and the neighboring boards were notified by CAR that any agent that is not a member of CAR is strictly prohibited from using CAR forms. The use of the CAR lease seems to be the focal point. The other boards are currently working on their own lease. If a Realtor is a member of CAR, they can utilize and provide the lease at their discretion.

This came without warning, so there is still a lot of confusion on the rules. What if a Mainstreet agent wants to write a lease for a Chicago property and the listing agent who belongs to CAR provides it to them? What if a NSBAR agent is working with a client that already has the CAR lease in their possession? What if an agent belongs to Three Rivers but the managing broker of their office belongs to CAR and gives them the lease? What if an agent belongs to CAR and provides the lease to all the agents in their office that belong to Fox Valley. If a Heartland agent lists a rental in Chicago, are they prohibited from accepting and negotiating a CAR lease?

If you are a member of the public, I highly doubt CAR will pursue you. This appears to be more of an issue between CAR and non-CAR agents using their forms.