All Forum Posts by: Derek Martin

I have physically gone to the County Recorder of Deeds Office and performed a search myself along with the help of an employee at the Help Desk. This government lien is all we could find. However, I realize this may not cover everything. Your recommendation is obviously a smart one.

If I contact a local title company tomorrow and agree to use them for the closing, will they draft me a preliminary HUD-1 that I can use in negotiations with the lienholder?

Thank you @Joel Owens 

That is a great point about the right to pursue the seller. We absolutely need to clarify that as it could make or break the deal.

Just to clarify...the pre-lim HUD-1 statement should detail all fees, closing costs, credits, property taxes, transfer tax, etc in addition to the lien payment?

We had not planned on using a title company/attorney as the seller just wants to be done with it (she has owned the house for 60+ years) and it's not required in IL. However, I suppose I should reconsider that.

I am in the process of purchasing my neighbor's home for cash. It is very inexpensive and needs tons of rehab. The neighbor and I have agreed upon a price. The only real hiccup is that the property has a very large lien on it. I have been in constant contact with the lienholder (a govt agency) and they have agreed (verbally) to accept a much lesser amount. They have requested that I send them a Settlement Statement detailing the entire agreement. I'm not sure how to do this.

(1) Would you recommend using a HUD-1 or writing up my own statement?

(2) I am paying all $4000 of the seller's back taxes? How should this be structured? Should the total price be inflated by that amount and $4000 listed as a credit to buyer?

(3) Same for the lien...how would you recommend listing this on the closing statement?

This is a great win-win for both the seller and myself. I'm really excited to close on this so your help is GREATLY appreciated.

See you all there!

@Ken Morrison Looks like you're in Hammond. That's about 10 minutes from Lansing, where I own properties. Depending on where your potential deal is located, I may have some first-hand experience there. If you want another set of eyes on it, post the details or private message me. Good luck!

I recommend Matt Panichi at Gartner. They have offices downtown and in the suburbs. 

[email protected]

312-228-4900

@Matt Galas I was in the exact same position as you when I passed a few weeks ago...just doing a few deals per year for myself. After doing my research on sponsoring brokers, I went with ARNI Realtors in Des Plaines. It is $25/month and $195 per transaction. All the info is on the website. I thought the managing broker was very helpful, took his time to explain things, and did everything on the up and up. Just felt comfortable with him. I've already had a few questions and he's been very responsive.

Awesome! The June meetup was my first one and I really enjoyed it. Looking forward to meeting more people. Thanks @Brie Schmidt 

Welcome @Josh Mitchell 

I have a few SFR in the Chicago suburbs too and am looking to buy 3-4 more this summer. Trying to figure out what/where is best. Good luck!

Congrats @Arthur Banks 

Waukegan?