New Real estate Law in Illinois (SB-1872)

[Denishia Harper]

Who’s familiar with the new law (SB-1872) that restricts wholesaler in Illinois?

[George Skidis]

Attend the Chicago Creative Investors Association (Chicago CIA) run by Jane Garvey for more details. They meet at the Embassy Suites hotel in Lombard on the third Sunday of the month at 5:30 PM. Next meeting is October 20th. They have a web site.

Here is a short summary. The bill was backed by the Illinois Board of Realtors. It is now illegal to wholesale more than one house a year in the state of Illinois without a real estate license. The really hard part will be getting a real estate agent to let you place a license with them. Especially since you just want to wholesale and not share your commission. Smart Realtors will not accept you. So in my opinion,wholesaling as currently taught by the GURUs is not only illegal but dead in Illinois.