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 ???

Comments(3)

  • JohnMerchant10th August, 2005

    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

  • norrist11th August, 2005

    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]

  • InActive_Account11th August, 2005

    Was your transaction a subject-to deal? Was the judgement listed in schedule B of your title policy as an exception or exclusion?

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