Subject2 With A Seller Who Has A Lawyer
I have a deal that I want for primary residence. It is vacant and priort deals have died even at the table. Divorce forces the sale. Sellers have no idea or understanding of selling process. But house FMV $390000- clean up and paint; sellers want $325000 balance of mortgage. 4 bd, 3 ba, 2 car garge colonial in Middle Island area (great location will increase in value) has an apartment w/OSE. They have already missed 2 payments. How can I explain the deal to attorney? Most attorneys also think on these lines of legal issues for the sellers and consideration for this.
I wish you luck!
There is no Attorney that will advise a client to sign a deed to an investor and keep the mortgage in the sellers name. At least not with out enough hoops that definetly will take you out of CONTROL!
To me, If a seller has an Attorney they ARE NOT MOTIVATED!
Power2thebuyer,
Glad to meet you.
What I have found if a seller says they want to run the paperwork by their attorney, you as the creative investor have not answered all questions before they became an objection.
For the very few that do tell me they want to run it by their attorney, my reply is "who is your attorney, my attorney is one of the top "real estate" attorneys in North Carolina and I am sure knows your attorney, so we can save some time having them get together."
This separates the talking to their attorney, or how many sellers actually have a Real Estate Attorney. At this point the check with their attorney goes out the window.
So find an attorney who understands Subject To investing and let them do the paperwork for you and have your sellers close at the attorneys office. Normally I do table top closings, however when my buyers refinance in North Carolina an attorney does do the closings.
John $Cash$ Locke
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Thank you all for your information and what I am going to do is employ a competent lawyer to represent me and speak to the sellers again, to ensure understanding and appeal to their urgencies. Thanks
BR549,
It may seem strange to you, but I have never lost a deal.
First of all I am the buyer, I deal with sellers, either they convince me to buy on my terms or there is no deal, so I have lost nothing, however the seller in the majority of cases has, like losing their house.
I set an appointment to see the property 90% of the time, my reasoning is that even if the seller does not convince me to purchase their property, I have built a trust with them. What this means is that they may have a neighbor or co-worker who needs what I offer. By doing it this way, there was a time when I was heavily involved in Subject To investing I did not need to run an ad or advertise anywhere.
My referral business kept me going with plenty of leads, because of this trust, it is called growing your business, not negatively thinking that a discussion with a seller is a waste of time.
John $Cash$ Locke
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John Locke
With all due respect
have you ever done a deal with a seller whose attorney gave his blessing to sign the deed to you and keep the deed of trust in their name?
I feel there is way to many opportunities out there to fool with a bwb.
Did you speak a few years ago to the Catawba County Investors club?
That was a good lecture! I still have notes from it.
BR549,
When you say there are too many deals out there, remember this, what if it is a super deal, would you still not waste your time? Neither would I. Deals overall cannot be generalized.
Yes, I have spoken with a sellers attorney and they convinced me that I would help their client by taking over the deed. Whatever you wish to refer to it as, bottom line it is called salesmanship, or maybe the terminology today is salespersonship.
I have spoken with bankruptcy attorneys who told me that I had to deed the property back to the seller so they could eliminate the loan for there client. Never did that either, after I explained that this would not happen and why.
I was also going to be in charge a little while ago of changing all the signs to Catawba Creek from Catawba River, sure glad it rained here.
John $Cash$ Locke
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Guys, Just spoke with the attorney--He was easy to talk to and I explained the subject2 because he was still on "assumption loan". Sellers are anxious to get rid of loan and I am persuading them! We are awaiting the latest pay off, which may be less than $325,000; about $310,000. You all are the best!! I am telling everyone in my circle about this site! I have posted on many investor sites, nothing like this one. You share without being condicending! Keep up the good work!
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Find out if their loan is assumable. If not then speak to the bank & find out if yu catch up the payments of allow them to put them on the back end of the loan or adjust the interest rate slightly, could they change it to an assumable mortgage.