Good Ideas and the law....
The last thread about Sub2 transaction was great!--- I have been closing for ten years and heavily involved in REO, Foreclosure, and Loss Mitigation for five years.... I have done over 10,000 transactions and seen alot!!!
One of the posts was dead on.... why would a lawyer risk his license over $1,000.00???
The reason I love the REO/Default arena is because you have to really understand the law, the rules of ethics, and good business..
Here is my rant!
1. Land Trusts---- I HATE THEM! because I do not understand them :wink:
2. Flips--- I will do them so long as they are cash... and disclosed :D
3. Subject to: :shock: :shock: :shock: :shock: :shock: :shock:
GO SOMEWHERE ELSE!
a. If the buyer does not make payments and the seller gets sued: the seller sues me! :cry:
b. If Bank calls the note on the due on sale clause and the Buyer loses the property, and the Seller gets sued--- both of them sue me. :cry:
c. If the Buyer pays for a few years, and then dies and stops paying and the seller gets sued: I get sued. :cry:
I am less worried about losing a malpractice case, or a hearing in front of the bar... than I am having to pay for the defense.
I represent roughly 30 Lenders, and REO asset management companies...
I will stick with the less risky stuff..
If you think a jury of 12 will rule for a lawyer over a consumer... pass me what ever you are drinking or smoking! :beer:
" THE ROAD TO HELL IS PAVED WITH GOOD INTENTION!!!!!"