Illinois Seasoning
anyone know is it possible in illinois to buy a foreclosed home cheaply and rehab and sell at a large profit with only owning for 60 days i have been told that there is a law forbidding this in illinois however i have done this in the past for instance i pay 7000.00 rehab and able to have appraised at 65.000.00 of course i would have about 10.000.00 into rehab ???
You should at least find and read the IL statutes on MH dealers so you can see for yourself.
Take Google e.g., and search for " IL Statutes", then when they appear, find the index and look there for the MH laws and statutes.
I see on this and other sites that some states are now passing laws to the effect that if you do buy and sell within a short period, you must first be licensed...probably enacted due to lobbying pressure from the MH Dealers in those states.
Good luck.
John Merchant
Try www.marketscout.com. I believe they have a link for the consumer. My guess is that minimum premium for RE E&O is at least $2500/year.
[addsig]
Was your transaction a subject-to deal? Was the judgement listed in schedule B of your title policy as an exception or exclusion?