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I have a legal question to ask. Is house flipping legal in

I have a legal question...

I have a legal question to ask. Is house flipping legal in Illinois and Wisconsin? Do I legally need to be a real estate agent in Illinois and Wisconsin to do house flipping if I want to sell (transaction activities) if I buy a home, own it, and than resell it myself without a real estate agent in Illinois and Wisconsin?  Can I do Whole sale (buying at a low price and reselling for a higher price without renovating or rehabbing) and Retail house flipping in Illinois and Wisconsin? Can I legally buy a home with city violations, back taxes, quit claim deed, and any other problems the property has and then can I legally resell it at a higher price with the same city violations, back taxes, quit claim deed, and problems the property has, if I disclose all of this to the buyer before they purchase the property, without renovating or rehabbing the property. Is all this legal to do in Illinois and Wisconsin?

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Answered in 1 hour by:
6/12/2013
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,091
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

House flipping is legal in IL as well as WI and there are no laws prohibiting it. However, if you are going to engage in the business of selling houses after you fix them, you will have to obtain a real estate license if you want to sell without any other agent involved.

You can buy homes in bulk, but would need a contractor's license to make the repairs or would need to hire licensed contractors to do the work. You can also sell without doing any rehab on the house. This is legal in both WI and IL.

All of what you want to do above is legal in IL and WI, but selling of houses does require a real estate license and if you are going to get into doing this it should not be very difficult for you to obtain your real estate license.



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Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,091
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
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Customer reply replied 4 years ago

Would I still need a real estate license to sell homes on my own behalf, if I only do house flipping in Illinois? If I buy the homes on my own, without a real estate agent, and then sell the homes I own, doing this on my own behalf, without a real estate agent, do I still legally need a real estate license if I doing house flipping in Illinois? If I own the homes, can I sell and buy them on my own behalf, without a real estate agent?

Yes, if you are in the business of selling houses (selling more than 2 in a year) then you would need a real estate license, even selling homes you own on your own behalf in IL or WI.
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Customer reply replied 4 years ago

Do I need to own the home to sell it on my own behalf 2 times a year? Can I sell homes 2 times a year or do selling activities even if I don't own the home I sell?

You need to own it and live in it for at least a short time before selling it for it to be considered a personal sale. If the department of revenue sees you selling houses regularly and you are not living in them (at least while renovating them) they will prove you are in the business of selling houses and make you get a broker's or real estate license. If you do not own the homes you sell, you will need a broker's or real estate license even if you sell 1 home a year.
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