Just was checking to see if any one on the board any where but mostly in Washington state
New of this law the state has on there books and more about it ?
I have heard it makes it all most impossible to get a property sub2 in the state of Washington
Any information would be helpful
WOW WOW WOW
From what i have just seen at thye state rcw site is just unreal
This law states that if you get a person home owner to do what would be looked at as doing a sub2 you could be charge with to the point a class b felony in the state of Washington
And if you are not a lawyer or a realestate agent you can not even talk to or set up any thing like a sub2 or your will be charged with doing real estate with out a the proper lic and like
So i guess this would be saying if you live in Washington state and are facing foreclouser you are just screwed
And the bank and who ever has your mortgage get your property and you get the curb
As i said a t the top WOW WOW WOW WHAT A STATE!!!
I can not belive there is no one on this form from Washington state
And that no one has a thought on this so i thought i would put the
RCW # HERE SO ANY ONE CAN GO LOOK AT THIS LAW AS IT MAY AND COULD HAPPEN ANY WHERE RCW.61.34
Just go to washington state rcw s and then put in the code # and you should be able to read it
I don’t think you can be charged for just
talking about doing a sub-2 with a seller…
I think this law or legislation would need to
be looked at in greater detail, and possibly
have a competent real estate attorney
advise you on this. That would be the best
way to go.
Now, since my opinion is that you can’t
be charged with simply talking with a
seller about sub-2, negotiate the deal
and have your attorney handle everything
or have any agent to sign off on the agreements.
Thank you
What this law says in simple terms is if you do any thing like a sub2 in Washington state you will have the chance that you will be charged with a crime class b i belive it says
Because you a re taking advantge of the disstressed home owner
and more then likely equity skimming
In the state of Texas you can’t do a contract for deed or a lease purchase. But I do something all the time that in the end has the same net effect. What I did was find a lawyer that was board certified in real estate law. I asked him how I can do what I wanted to do. He found a legal way to do it. There is a lawyer in the state of Washington that can develop a plan that will allow you to do what you want to do.
hey who do you have a name ?
I am in Texas so my lawyer won’t do you any good. I recommend you do what I did. I found my lawyer at one of my local real estate investor’s club meetings. You should do the same. There is usually a lawyer or two that advertise there. These are the types of lawyers that spend their time figuring out how these things work and will be the ones to have the answer to your problem.
You may get a better response if you post this question in the legal forum. John Merchant in an attorney in WA state and frequently visits the legal forum.
There is a pretty constant push to eliminate Sub2 investing because of those who prey on the uninformed by stealing equity (as mentioned before). I joined an organization called NARHRI (http://www.narhri.com) two years ago that is keeping abreast of legislation that is being put in place to limit what we do as real estate investors. they also lobby against it.
Even if legislation like this is passed in all 50 states, what it really means is that we have to become more creative as Real Estate Investors.
If two parties agree on a property deal, there should be a way to legally make it happen.
It may mean deeding a property into an LLC, and then becoming a shareholder of that LLC, or using an option, or contract for deed, but there will always be a way to do it.
HEY
Dave t do you have contact information for John Merchant ?
As i can not find him as a member
Sorry, I got confused. John is a frequent contributer on another site (owned by JP and Terry Vaughn) I visit from time to time. Here is his contact info.
John Merchant
Broker/Owner
MesaRoya Properties LLC
Tacoma WA
(253) 228-2277