Re: “Subject to” question…AGAIN… - Posted by GregNorman
Posted by GregNorman on April 26, 2000 at 11:54:17:
I also have Bronchick’s material and highly recommend it. I just wrapped up my first one and I can tell you what it took to finally get this thing through: Buy the courses and then call every lawyer in your town. Being an attorney is just like any other business and they are swamped. I found just about all of them didn’t want to mess with this creative stuff (why take the risk when you have a ton of ‘normal’, ‘non-risky’ business… at least that seems to be the way they are portraying it). Keep in mind… you only need one.
I made another mistake about a year ago. I had a ‘subject to’ home lined up and called some of the creative attorneys in the area… one of which on the phone said ‘Sure we can do that.’ We get to closing and he whips out this ‘contract for deed’ w/ a ‘performance deed’. ‘Hold on chief… that’s not what I faxed you,’ I said. He replied ‘This is the way we do it.’ I didn’t like the details of the way ‘he did it’ so I didn’t do the deal as a ‘subject to’. Moral of the story: Just make sure you meet the guy face to face and he’s comfortable with YOUR paperwork. The attorney I found uses just about the exact paperwork that Bill has in his course. As a matter of fact… he didn’t charge me for the extra paperwork involved WRT the trust b/c I gave him a disk of the paperwork. Closing costs were LOWER than I normally see them come in at.