All Forum Posts by: Vincent Incopero

@Alphonso Dormun Depending on your level of experience, you have several local options. Happy to send you a list of names if you want

@Peter Thirawankanok

The IL Legislature has defined recently amended the real estate act of 2000 so as to define wholesaling as broker conduct (this conduct was previously undefined and thus there is safe harbor for prior acts).

These days, Wholesaling is impermissible and a violation of the real estate act of 2000 (which carries high penalties + potential jail time) unless you are a licensed realtor/broker and you make disclosure of that fact.

@Matt McConkey, please follow the guidance of @Zoran Stanoev as he is up to speed with recent legislative enactments. 

The IL Legislature has defined recently amended the real estate act of 2000 so as to define wholesaling as broker conduct (this conduct was previously undefined and thus there is safe harbor for prior acts). 

These days, Wholesaling is impermissible and a violation of the real estate act of 2000 (which carries high penalties + potential jail timeunless you are a licensed realtor/broker and you make disclosure of that fact.

You need to consult an attorney and an accountant. The answer WHY answer is dependant on WHAT you want to do. 

@George Skidis is spot on regarding Land Trusts and S-Corps. 

@Jim Francis Seller financing is something you should avail yourself as when you are purchasing and stray away from when Selling. 

Anyone with a pulse and a 650 FICO score can get a loan today.  You NEVER want to be the bank when you are involved in a RE transaction. Consider the financial reality during an average foreclosure (9 months no payments) and you will reconsider. 

You do not need a mortgage loan originator nor title company to get this done. You will need some legal documents prepared to transfer ownership and memorialize and secure the debt. These instruments are a deed, note and mortgage. 

@Chris Witt Did you receive a copy of the inspection report from your agent/attorney or were you informed what the defect is? 

If so, that knowledge, actual (from the inspection) or constructive (from your agent/attorney) triggers the duty to amend your disclosures RE the present condition of foundation. 

Speak with your realtor and your attorney, they should be feeding you these same lines of reasoning. If they are not, you have a bigger problem than just the foundation. 

@Ante Vujic

Do you have an attorney? 

@Ori Foyer keep in mind that if you have to pay an attorney approx $250 per hour, you will spend approx $1,000 to get the Seller into court after the payment of court and attorney fees. From there, it is anyone's guess how long it will take you to get justice, and time equals money when you are in court. The absence of a written agreement makes the situation worse. 

Imagine that all goes well and you prevail against the owner swiftly, with your attorneys fees and court costs approximating $1,500. From there, you will likely have to enforce your judgment against the Seller via a citation to discover assets. That could cost somewhere in the range of $1,000 to accomplish, between court costs and attorneys fees . The problem is, during the process of enforcing the judgment against the Seller, you may come to find out that the Seller is insolvent or does not have the funds available to satisfy our judgment. At that point, you might get stuck having to  accept a small monthly sum from the Seller via wage garnishment order over a period of years. 

AND HERE'S THE KICKER: Many people know the strength of bankruptcy actions. After you prevail in court and get a garnishment order, the Seller could contact a BK attorney and file BK for $600 to set aside/avoid  your judgment/garnishment order. 

AFTER ALL of the above, you have to consider if it makes sense throwing good money at a potentially bad outcome. The amount of money at issue is small and the time and money that will be spent, coupled of the aggravation if things go south, may leave you more bitter and financially injured in the long run. If this is about principle, then the financial considerations are moot and you would move forward with another attorney. 

It's always prudent to to consider the cost benefit analysis of pursuing any legal action. 

@Calvin Lipscomb +1. The damage occured at Closing and just reared it's head now.