All Forum Posts by: Bob Floss II

@Shawn Swagler Great to hear, glad everything worked out.  Sounds like that village needs to revise their transfer stamp procedure.  

Welcome @Sam Bhatti, let us know if you have any questions.

Wecome @Jay Ritchie, good luck with your search.  

Come out for a relaxed event and expand your network of real estate professionals.  

@Mace Wescott Check the recorder of deeds website for the County where the property is located.  Many recorders allow you to view documents online but you have to pay to print them out.  They "should" record any amendments to the bylaws but always double check with the management company.  If you make contact with the seller, they should have access to all the documents you need.  

Side note: try to get the minutes to the last two association meetings, that will tell you if there are any changes being proposed and any issues with the building.

@Mary Jay One of the hardest aspects of finding deals is controlling your pipeline.  I've gone upwards of a month looking at terrible deals day after day and wondering if the market is dead.  When you least expect it, in a 24 hour period suddenly you'll be flooded with good prospects and you'll be pulling your hair out trying to review them all.  The lesson I've learned is the market constantly ebbs and flows.  When the market is dead, don't try to force it.  Work on your marketing strategy, meet with new contacts, spend extra time with family, and maybe relax a little.  When the market starts moving, you'll be ready to jump on a good deal.

@Scott Schultz  In Illinois and particularly around Chicago, the buyer and seller both have an attorney.  In fact, frequently the other attorney and I are the only people at the closing.  With investment property its very common for the investors to give power of attorney and we conduct the closing ourselves.  Also keep in mind that in Illinois, typically attorneys handle title clearance so they are very involved with the process.  It sound like Robert used a title company that handles everything in-house.  

From the client perspective, using a title company that handles title clearance themselves seems easier so they prefer it.  From the attorney perspective, letting the title company handle title clearance seems easier because they are interested in getting it closed.  I'm obviously biased but I feel like having the attorney handle title clearance ensures someone is looking at the transaction from the view point of protecting the parties instead of getting the closing done.  I've consulted clients that purchased properties through escrow title companies that handled everything for the closing and found they were taking title with liens and questionable items on title and were not informed.  It was as if the company took the attitude of, if you didn't understand your liability, that's your fault, not ours.  

There is also the issue of money.  Title companies want to do title clearance so they can keep all of the title policy funds.  When an attorney handles title clearance, the title company pays the attorney a fee for providing that service. The fee for doing title clearance far outweighs the attorneys fees.  It's not uncommon for an attorney to discount their fee in order to get the title fee.  

@Account Closed You may not know an issue has come up until you are at the closing table.  Your attorney didn't do anything leading up to closing? No attorney review, reviewing title, preparing deed?

@Scott Steffek You are blurring together several different issues.  The Board of Realtors would not lose because they would not be involved.  This is prosecuted by the Illinois Department of Financial and Professional Regulation that licenses real estate professionals.  When they gather enough evidence to charge someone with unlicensed practice of real estate, I've found the defendant rarely wins.  You may not be aware because they don't typically publish opinions and it's in the defendants best interests to settle.  

You are correct that anyone can assign a contract, if the contract allows it.  There is not a contract issue at play. The issue of illegality falls upon the activity the Wholesaler to find a buyer and sell the property.  Advertising real estate for sale may be construed as unlicensed activity.  

At the end of the day, the bigger issue is not attacking wholesalers, the bigger issue is protecting the public.  

@Shawn Swagler I haven't encountered a town or village that refuses to allow the sale of the property. If the seller cannot make repairs, the buyer signs an affidavit and puts up an escrow with the village or town until the repairs are completed.  I would explore that option.