Investor · Nashville · Member since 2022 · 8 posts · 2 votes
Does anyone have a recommendation for a Sub2 friendly attorney in PA? I called a real estate attorney today based on a Google search, and I got an earful about how Subject To was not possible, the bank would call the loan due, I need to have 'very deep pockets', etc etc etc.
I know it's possible and there are people doing these types of deals. I just would feel more comfortable getting an attorney to at least review my docs.
Wholesaler · Philadelphia, PA · Member since 2021 · 39 posts · 18 votes
3y
If you are not already, join Pace Morby's Creative Real Estate Facebook Group. There are some experienced SubTo investors in there that can point you in the right direction and give you solid contacts.
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
1y
@Stephanie Bacue & @Kelly Kunsman Stephanie didn't find what she was looking for because any competent real estate attorney will at minimum advise their clients of risks and tecnhically a lender can call the loan which means you would have to come up with the payoff amount in order to cure the default. Advising you otherwise could be grounds for a malpractice claim against the attorney.
While its certainly possible to complete a subject to transaction, when you say "sub2 friendly attorney" are you looking for someone to tell you there are no risks and it can be completed with no possible recourse? It doesn't sound like you found the Sub2 cheerleader attorney yet, but if you ever do, I would question whether you are recieving good represenation. Again, you can find attorneys to help with the paperwork but expect good attorneys to at least advise you of the risks but most will shy away from this type of representation because of the harm that can be done. Especially, knowing very few who pursue sub2 have the financial ability to resolve a techincal default.
For most types of legal representation you can do a google search ...landlord tenant actions, lease/loan drafting, zoning, quiet title etc. etc and a ton of service providers will come up with detailed information on their website. Type in sub2 attorney and you get links to far fewer and most are offring guru style courses. That should tell you all you need to know.