Best Structure For Deal?
Hello,
Thanks in advance for any help.
I have found a seller who has agreed to sell me his house with $0 Down, 30 yrs, 7% 150k (owner carry-no bank)
has an underlying loan with equity
I have a buyer who has agreed to the terms plus a down payment for me
what si the best way to contract this deal?
Portland, Ore
I hope someone knowledgable responds to this post, it will be interesting to see how many different ways this can be done.
Sorry I'm no help :-( just wanted to see this post get more attention.
[addsig]
Get a purchase agreement/contract signed first, listing your name + "or assigns" as the buyer. Then assign the contract. for the fee you've agreed upon. Your buyer will probably want to make sure there's a clean title first though. And you may need to be a little careful here so you don't end up looking like your practicing real estate w/o a licence.
Do you know for sure this seller is trustworthy? Is she going to keep making payments on his/her mortgage while you or your buyer make payments on the CD? You may not care but your buyer will probably want this assurance. Are you sure your seller won't pocket the cash you pay every month, so the bank forecloses on you or your buyer based on your seller's non-payment? How are you going to transfer ownership cleanly with a mortgage on the property? You might want to make taking over the mortgage Sub2 as part of the deal so you or your buyer will be making the payments directly to the bank. You might also consider leasing the property with an option to buy--again, in your name + "or assigns,"--then flipping the lease to your buyer. Just a few ideas and questions you need to consider.