All Forum Posts by: Elliot Erickson

Hello,

My account on craigslist was ghosted.  I have a few questions about how to post again.

I have changed ISPs so have a new IP address.  Is this sufficient to be unghosted?  Should I also change my craigslist accounts?  Should I also change my email addresses they are connected to?  

I am hesitant to post as I do not want them to connect anything and ghost the new IP address also.

Does anyone have a good service or system to use in general?

Thank you for your replies!

Elliot Erickson

Asgaard Real Estate

Chicago, IL

Everyone,

Thank you for the wonderful advice.  I will take it all.  I've learned that I can stay involved with the transaction, after the contract is assigned, until it closes.  So, I will be doing that for this and other deals.

Also, I will give the mentioned lawyer a call.

Thank you again, I look forward to being able to help others here as I have been helped!

Regards,

Elliot Erickson

Asgaard Real Estate

847-773-7488 

Xavier,

Did you find anyone?  I have the same question as you.

Elliot

Hello,

I am putting together a deal and looking for a title company in Chicago.  One got back to me with their pricing and I'd love some advice about whether it is a fair price or not.  It is more than I thought, at this price I wouldn't make any money.

Also, in a wholesaling deal who pays for what in the B to C transaction?  Is it common for me (B) to pay for everything or should the cash buyer (C) pay for half?

Below is the email the title company sent.

Thanks!

Elliot Erickson

Below is the pricing for the first purchase transaction for a purchase price of $68,000.00 based upon the transaction being a cash transaction:

Seller charges:

Owner’s Policy - $1,525.00

IL Policy Fee - $3.00

ICPL (Seller) - $50.00

Zoning Certification Processing Fee - $80.00

Water Certification Processing Fee - $80.00

Zoning Certification - $120.00

Update Commitment Fee - $125.00

City of Chicago Transfer Tax - $204.00

State Transfer Tax - $68.00

County Transfer Tax - $34.00

Notarial Record Fee (If Applicable) - $25.00

Notarial Record Filing Fee (If Applicable) - $5.00

Recording of Release (If Applicable) - $54.00

Payoff Processing Fee (If Applicable)- $40.00

Proceeds wire fee (If Applicable) - $40.00

Buyer charges:

Closing Fee - $1,075.00

ICPL (Buyer) - $25.00

Recording of Deed - $54.00

Recording of Power of Attorney (If Applicable) - $54.00 estimated

Wire Fee (Per wire) - $40.00

Document Administration Fee - $25.00

Email Fee - $40.00

Later Date Examination - $125.00

City of Chicago Transfer Tax - $510.00

Below is the pricing for the second purchase transaction for a purchase price of $75,000.00 with a loan/mortgage policy:

Seller charges:

Owner’s Policy - $1,525.00

IL Policy Fee - $3.00

ICPL (Seller) - $50.00

Zoning Certification Processing Fee - $80.00

Water Certification Processing Fee - $80.00

Zoning Certification - $120.00

Update Commitment Fee - $125.00

City of Chicago Transfer Tax - $225.00

State Transfer Tax - $75.00

County Transfer Tax - $37.50

Notarial Record Fee (If Applicable) - $25.00

Notarial Record Filing Fee (If Applicable) - $5.00

Recording of Release (If Applicable) - $54.00

Payoff Processing Fee (If Applicable)- $40.00

Proceeds wire fee (If Applicable) - $40.00

Buyer charges:

Loan Policy - $500.00

Closing Fee - $1,075.00

ICPL (Buyer) - $25.00

ICPL (Lender) - $25.00

IL Policy Fee - $3.00

Chain of Title - $125.00

Predatory Lending Certificate - $150.00

Recording of Deed - $54.00

Recording of Mortgage - $86.00

Recording of Power of Attorney (If Applicable) - $54.00 estimated

Recording of Assignment of Mortgage (If Applicable) - $54.00

Wire Fee (Per wire) - $40.00

Document Administration Fee - $25.00

Email Fee - $40.00

Later Date Examination - $125.00

City of Chicago Transfer Tax - $562.50

Endorsements - $175.00 per endorsement

Thank you all for the great information.

Hello,

I'd say the best leads I've gotten were free probate leads from the county clerks office. Does anyone know of other lead sources from the county clerk? Can you get divorce filings, bankruptcy filings, etc?

Thanks!

Joe, Thanks for the reply. We are indeed hoping to use the end buyers funds to close the A to B. This will be our first deal and were under the impression this is how it worked in double escrow. We do not have the money to put up currently. Is it better to do an assignment? Thanks again.

Hello, My partner and I are about to put a probate situation under contract and have buyer lines up as soon as the seller signs. I've been looking for a title company that can close double escrow in Chicago. What are good questions to ask? What information do I need to bring with me? Would someone be able to walk me through what the process should look like? Any referrals in the Chicago area? Big Thanks!

Sounds like you are basically bird dogging buyers for the wholesaler. You could just draw up a contract with the wholesaler. Something in writing that would outline your arrangement. If it were me I'd just trust that he'll pay you. If he does cut you out simply don't work with him again. Best to know right away. This is all based on a similar situation I'm in. I am also very new to this and may not have the best insight. Elliot Erickson

Hello all, I have a very motivated seller. She owes 105k on a 120k mortgage plus 8k to a HUD1 loan. She wants out of the house due to an emotional distress. She wants to walk away without owing and her name off the mortgage. Market value is around 140k with 10k approximate repairs. We have spoke about selling cash and taking the loss, a lease option and subject to. She may come around to the cash deal or lease option but wants to hear something that can get her our and off the mortgage. Any creative strategies I can bring to her? Thank you! Elliot Erickson