Posted by JohnBoy on November 30, 2000 at 24:35:14:
Your lawyer has “flipping” confused with “Loan Fraud”!
Flipping is not illegal. Loan fraud is!
What kind of a flip are you trying to do? A retail flip or wholesale flip?
A retail flip that you depend on your buyer to obtain new financing could be tuffer to pull off because of lenders cracking down on funding deals where the seller hasn’t held title to the property for less than 12 months.
If you are wanting to flip to a rehabber for wholesale then just find one to sell your contract too! It is not illegal to sell your interest in a contract to someone else. If they want to buy it and pay you for it, then there’s no law that say’s they can’t!
FLIPS in Chicago - Not Anymore? - Posted by CyndiS
Posted by CyndiS on November 29, 2000 at 20:20:25:
Just this week my lawyer informed me that the combined efforts of the Title Companies, The FBI and Mortgage Lenders have effectively shut down the practice of flips in the Chicago Market.
This is a particular problem because I was preparing to flip a nice bungalow that I got a great contract on. Now I am scrambling to line up financing for purchase and rehab before I loose my contract.
Has anyone had any experience or ideas about accomplishing a “Flip - Like” transaction under these conditions?
Re: FLIPS in Chicago - Not Anymore? - Posted by Fox-IL
Posted by Fox-IL on November 30, 2000 at 21:10:25:
Can this be further verified? I have made the determination that flipping would be the best way for me to get started in real estate investing. I am focused on the inner Chicago market. I was prepared to make a first offer before Christmas. I know Chicago can be a “shady” city as well as windy. (People in the city know what I mean)
So does anyone else working in Chicago have more insight into the validity of this?