Subj-To An LLC?
I'm guessing it's not an issue to have a seller QCD the property to your LLC instead of you??
Secondly, once your two year balloon comes due and the new contract buyer is closing on the loan, does the payoff go to the Subj-to seller and then they give you the proceeds over the payoff, does the mortgage company make two seperate checks, one to the mtg company and one to you(titleholder), or what?
Thanks
Chase
You need to spend the money for Locke's book. THis will give you the education you sorely need.
At closing the escrow/title company will use an estoppel letter from the note holder and pay them off and the remainder goes to you.
[addsig]
I plan on it tomorrow but I was just getting specifics because our deal should go down this weekend and i will not have the book yet.
Quote:
On 2004-09-04 00:50, Stockpro99 wrote:
You need to spend the money for Locke's book. THis will give you the education you sorely need.
At closing the escrow/title company will use an estoppel letter from the note holder and pay them off and the remainder goes to you.
So you have to get the original subj-2 seller to sign something at the time your contract buyer refis? Locke will be puchased tomorrow but I need to know a few more specifics for this weekend. I know mostly everything else except I want to re-read the info on homeowners. This will be an 11-24k deal depending on what i can sell it on contract for.
Quote:
On 2004-09-04 00:50, Stockpro99 wrote:
You need to spend the money for Locke's book. THis will give you the education you sorely need.
At closing the escrow/title company will use an estoppel letter from the note holder and pay them off and the remainder goes to you.
I need to know a few more specifics for this weekend. I know mostly everything else
Chase,
I'm not trying to offend you, but from your post, you really don't know much at all about subject to investing. The best advice that you can get is to find a way to hold out for a week until the book arrives and then do some fast and hard reading.
However, if you want to live dangerously, at least take the basics into battle.
First, never get a quit claim deed. They are barely worth the paper they're printed on. Always get a general warranty deed (or your state's version of). I'm hoping that you've had a title search done and are getting title insurance.
Once you get the deed, the seller has nothing to do with the property anymore. It's your responsibility. When your buyer refinances the property, the underlying mortgage will be paid off and you'll get any excess funds. This is not that big of a deal. The closing agent/attorney will handle the important points. You just be there to collect the check.
Roger
Well as far as the deed, that is really the only thing I was confused on. Title search will be done early next week. My partner knows the sellers personally. I was asking on the specifics of "the underlying mortgage will be paid off and you will get any excess funds". Will that be because I am the title holder? I would figure that the payoff wire transfer wouldn't be affected by the name that the mortgage is in, considering that you usually only deal with the loan number. Aside from that, subj-2 is fairly simple. My only other concern would be the contract specifics, but I know that will be included in Locke's information.
Quote:
On 2004-09-04 20:26, rajwarrior wrote:
I need to know a few more specifics for this weekend. I know mostly everything else
Chase,
I'm not trying to offend you, but from your post, you really don't know much at all about subject to investing. The best advice that you can get is to find a way to hold out for a week until the book arrives and then do some fast and hard reading.
However, if you want to live dangerously, at least take the basics into battle.
First, never get a quit claim deed. They are barely worth the paper they're printed on. Always get a general warranty deed (or your state's version of). I'm hoping that you've had a title search done and are getting title insurance.
Once you get the deed, the seller has nothing to do with the property anymore. It's your responsibility. When your buyer refinances the property, the underlying mortgage will be paid off and you'll get any excess funds. This is not that big of a deal. The closing agent/attorney will handle the important points. You just be there to collect the check.
Roger