Selling Sub-to While Renter In Place?
If I place a renter into a home I purchased subject-to, do I still have the right to look for a buyer? If I do find a buyer while there is a renter still in place, what is the appropriate way to go about handling the situation?
Thanks so much for any advise.
northwest01,
It would be up LOK to answer your question as it may be proprietary information on his part.
John $Cash$ Locke
[addsig]
how nice a landlord do you want to me?
go mo-mo, get buyer (hopefully solid) give notice, they move out as buyer moves in
have a lease with a "buy you out clause
sell property w/ tenant.
Alex,
Just a thought...
Is the renter interested in buying? If so, they may a candidate to convert the straight rental to a L/O?
sounds on its face like something the sellers to you should have told you
They were in a legal actions not yet sloved
And they were looking to unload it on someone else
Was there any work done on the house that was not payed for ?
Some very good due dill would i think payed off on this deal back in 07 As well a honest seller
Why were you not able to get title insurance ?
This should have been a red light on your part
Was this your first sub two deal ?
It just sounds like some bad deallings were had by all back in 07[ Edited by northwest01 on Date 03/18/2009 ]
I am not for sure but iam sure cash knows
You should have been able to get title insurance on your deal with out the pay off
I just think as i said you were there as in the sellers scape goat
They knew this was in the works and just dumped the deal to you
Things like this are what make many people scared to do deals as they will get stuck with a mess
There is a thing called a very motivated seller and then there is the way to
would like to know how this all turns out
What kind of a lein /hold is this on the title any way ?[ Edited by northwest01 on Date 03/18/2009 ]
Hi John,
The problem I am having is with the title company. The judgement that was filed was definitely against the old owners not me, and I definitely had no idea about the lawsuit, that is, if there even was one started when I took title. The problem I am having was that the title company ran a search against the former grantor being that the consideration was for so little. Anyways, what to do now?? Try a diff title co that will make me sign an affidavit maybe?
Ok I found a title company who says they should have no problem writing it, I will keep you posted. Thanks again for all your help, the resources on this site are priceless!!
JOHN CASH
As i have all ways said you are the man with the answers on sub-2 deals stuff !!![ Edited by northwest01 on Date 03/18/2009 ]
northwest01,
Thank you for the kind words.
John $Cash$ Locke
[addsig]
NO problem John
What is this contract lease king is talking about ?
And where can i see /get a copy of it ?
The Deed IS the Contract. You have Bilateral Contracts (Lease and Purchase And Sale), Unilateral Contracts (Option), and Specialty Contracts (Deed).
[addsig]
Ok quick update, looks like I have satisfied all the title requirements and we are waiting for a clear to close from the buyers bank. Heres a weird one, the buyer is getting a loan from the same bank that already had the existing mortgage on it that I took over. Will that pose any problems??
Ok but what about my original question. The loan I took over was from M&T bank. The guy who is buying it is getting a loan from M&T. Will this pose any problems for the closing?
Anyone?
JS.