Sub2 Process And Bankruptcy.

Comments(5)

• 
  JohnLocke6th June, 2004

  REI_DreamMaker,
  
  Glad to meet you.
  
  This link will explain a few of your questions, as for the rest well thats another very long post.
  
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=146
  
  John $Cash$ Locke

• 
  RE_DreamMaker7th June, 2004

  Glad to meet you too John,
  Thanks for the article.
  Do I need an attorney to do a "Subj2"?
  ---------------------------------------------------------------
  Quote:
  On 2004-06-06 21:29, JohnLocke wrote:
  REI_DreamMaker,
  
  Glad to meet you.
  
  This link will explain a few of your questions, as for the rest well thats another very long post.
  
  http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=146
  
  John $Cash$ Locke

• 
  active_re_investor7th June, 2004

  You need a lawyer every time you are handling a new type of contact negotiation where you have little prior experience.
  
  Either you pay the lawyer to set things up or you pay the lawyer to sort things out later.
  
  John
  [addsig]

• 
  RE_DreamMaker8th June, 2004

  Thanks active_re_investor,
  I wasnt't sure if "subj2" was something you can do on your own.
  Now, how about.... How will a bankruptcy from the seller affect the subj2 deal, say a year or so after consummating the deal?
  Thank you!
  ---------------------------------------------------------------
  Quote:
  On 2004-06-07 16:55, active_re_investor wrote:
  You need a lawyer every time you are handling a new type of contact negotiation where you have little prior experience.
  
  Either you pay the lawyer to set things up or you pay the lawyer to sort things out later.
  
  John

• 
  JohnLocke8th June, 2004

  RE_DreamMaker,
  
  I recommend having your paperwork reviewed by an attorney to make sure it is state specific to your area.
  
  Then after you have done all your due diligence on a property you are interested in, you can do a closing with a Notary present anywhere you choose to. I have closed in Banks, I-Hops and even on the hood of a car one time. If your paperwork is correct then you are headed in the right direction.
  
  Lets cover the bankruptcy issue, if your seller files bankruptcy and you have the deed then their bankruptcy has little if anything at all to do with you as you now own the property.
  
  There is some guidance that you will need on how to handle this situation, but normally it has little effect, by this I mean the bankrupt may list the loan on the property in their filings with the court in this case you keep making the payments and talk with the bankruptcy trustee and have it released from the BK.
  
  John $Cash$ Locke