Just talked to a lawyer
I just got off the phone with a lawyer here in Southern California. They do real estate law, and when I asked him to look at the forms provided by John Locke in his "Subject 2 that's what I do" manual, he asked why I was planning on using those forms, and why was I not going to use the standard forms the broker provides. I told him that I was not planning on using a broker and need to make sure my forms are legal. He then told me that in California very few homes are For Sale by Owner, and that chances are I would not be able to make a living if I don't deal with brokers. He then told me that they have all the forms needed to real estate transactions in his office and when I found a deal to call him and he would help me use the proper forms. He would not even take the forms to look at.
What do I do now?
Find another lawyer. He is most likely institutionalized. You seel this often with things like lawyers and doctors. They are taught a certain way, and that is the way it is. They do not know how to think out of the box, even a little bit. Its not their fault, it is what they were taught in college.
That is just my unprofessional uneducated opinion.
I would do that too. Find another lawyer. He obviously is trying to shoot you down by telling you there are no fsbo's out there and that you HAVE to use a broker.
Good Luck
wa
steveandrews,
There are Attorneys that are deal makers and those that are deal breakers, you found one who wants to get a piece of your action every time you do a deal and I am sure has a client friend who is a Broker he wants you to go through.
All you want are the forms looked at to make sure they are State Specific, if need be find a Title Company who recognizes Subject To deals in Califronia, they will have the paperwork you require. I am sure their paperwork is State Specific. I have done Subject To deals in CA so they are done every day there.
Do not let this stop you, take your time and find a "REAL" Estate Attorney who understands creative real estate methods.
John $Cash$ Locke
steveandrews,
As a matter of fact the last property I purchased Subject To in CA, was in Santa Cruz on Riverside Drive.
I bought the property for $240K and sold it for $450K.
The only bad thing about it was I had to pay CA $15K when I sold it because I was an out of State owner. That really cut down my profit margain.
How many deals do you need like that a year? They are out there you just get your marketing effort kicked in.
John $Cash$ Locke
Thanks for the support. This Law firm was recommended by my brother in law who happens to be a broker, and is having a very difficult time understanding what I am trying to do. It is the same law firm that the company he works for uses.
When I become a millionaire in the next couple of years, he will really be scratching his head.