Please Help..L/O Protection Against Future Liens
Please Help....I have an motivated seller that is willing to l/o their property to me. The property is free and clear. If I lease the property from them, how am I protected against future liens? ....especially, if I get an awesome option price. Please help. Thanks in advance. ( This is my 1st l/o)
Ideally, you would record a Performance Mortgage (difficult to get the Seller to agree to). But second to that, record a Memorandum. Your Memorandum should include very strict language and a warning to any subsequent lien-holders (that they should proceed at their own financial peril).
[addsig]
L/O King how about having the seller sign a Deed of Trust? Would that not protect you against future liens?
rns
How long have you owned the property?
I do not know why a refi would care that the property was listed. I have not heard that one before. Try another company.
I use Washington Mutual and they only go up to 75% of appraisal price on an investor cash out refi. You will have a hard time finding a better deal, and you will pay dearly for it.
I would just refi, then get my pocket money from my L/O tenant. Or, if you are in a bind and this is making you nervous (are you thinking about it at night?) just sell it.
Brenda
Wachovia does up to 100% LTV on NOO Heloc. Also check them out.
I had heard that Wachovia would only do that if you had a home loan with them. Check it out and get back to us because it sounds great.
Brenda