Need second Attorney advice

[David Sohn]

The property is actually in Westmont, Illinois.

I recently started wholesaling, and unluckily I decided to pick Illinois as my market, before knowing that I need a license to wholesale more than 1 property a year. Nevertheless, I was in the process of signing a contract and learned from the agent that Illinois is an attorney state, meaning I need an attorney to close.

I found an attorney and he said if I back out of the contract after the inspection period, I COULD get sued. I thought if I back out of a contract after inspection the worse that could happen would be that I'll lose my earnest money.

Could I get a second opinion on this?

Thank you

[Wayne Brooks]

Quote from @David Sohn:

Quote from @Chris Seveney:

@David Sohn

Anyone can get sued for anything. If you have no contingencies remaining and do not close on the house you can of course get sued for breach of contract. Chances of it happening are very small but if you upset a seller who has $ they may do it just to teach you a lesson.

 The property has been on the market for a year now so I don't know if there's some reason no one has purchased it yet...

 This is exactly why it makes no sense to try and wholesale in a market you know nothing about and a property you know nothing about. Why would you ever think you can sell a property in a couple of weeks that hasn’t sold in a year?