Subject 2 in NY

[vug]

Has anyone done a subject 2 in the state of NY. My attorney said it was a bad idea for it uses land contracts and that the one contract morphs into several others. Has any one done one successfuly and if so how. 

[herbster]

I really don't know how things are in NY, But I'd get a different attorney, this ones out to lunch and needs to get another profession. herbster

[vug]

hey he is looking out for what's best. NY is such a screwed up state to do this stuff in not impossible. The land contract and quit claim deeds he said have a hard time standing up in court if some slick willy tries to scam you.

[herbster]

Hey you asked. Sub2 is when you take the deed over Sub2 existing financing. Nothing to do with a Land Contract where you don't get the deed until property is paid for. Look at lines 203 and 503 on standard HUD-1 form.

[kdhastedt]

NY is such a screwed up state to do this stuff in not impossible.

Ya think?????

Let's see...they elect Chuck Schumer as a Senator and then top it off by electing a carpetbagging left-winger as his wife????


Keith

[vug]

Now Kieth,   lets not blame the cheating  Govs I have as well . I really need to know If anyone has done a Sub2 in NY. I've made some calls to some investors asking them. One has not he has only done lease Purchase, but would ask someone who might have. Thanks to all who respond. Death by taxes in NY

[kdhastedt]

I'd shoot $Cash$ a note...he's done literally hundreds and hundreds of Sub2s...you won't find a better asset and he's relatively approachable (we at least usually!)....

Keith

[vug]

who is $cash$ and how do I get a hold of him

[kdhastedt]

John $Cash$ Locke...he's a Member here and another of the Modertors

[vug]

How would you sell the home then I was refering to using a land contract on that end for it would be quicker than a regular closing

[kdhastedt]

How would you sell the home then I was refering to using a land contract on that end for it would be quicker than a regular closing

I wouldn't....I don't now nor would I ever live in the Peoples' Republic of New York and I don't invest except locally.  Why don't you ask your attorney....he seems to know a lot of reasons for not doing things.  Maybe he has a suggestion...?


Keith

[$Cash$]

vug,

Glad to meet you.

Yes, Sub-2 deals are done in NY, have students who have done them.

Do not understand what a Trust has to do with a Sub-2 deal, of course I do not use Trusts.  I sell with a Contract for Deed.

John $Cash$ Locke

[Jon v.]

when taking over that mortgage sub2 were they subjected to the home equity theft prevention act?
were the sellers in pre-foreclosure?
did the 82% of the appraised value rule apply?

[vug]

 John
 
     Never heard the rule of the home equity theft act , what is it? Yes the 82% rule does apply. Know the seller is not in forclosure,death in the family and the son wants nothing to do with the home.

[nextdeal]

I have definately heard of the equity theft prevention act in ny. I also have hear of the 82% rule where the home owner is to recieve 82% of the re-sale price I am just not sure if it was in regards to New York And if it does apply here could anyone lead me to a link that spells it out for NY. I would think that the equity theft prevention act would have some type of mention of this in it . I know it does not though I have read it several time and it basically say that a home owner  has five days to rescind the contract in writting and that the investor cannot take a deed for for the five business day even if the homeowner wants to give it to him and also the investor cannot have the h/o sign away the five day right. It seems that it is out there for those who tell the h/o that they can repurchase the home at a later time.