Sub 2 paperwork
Hi all, HI Cash...
Well, I was into searching for fixers, flips, rehabs, when my add drew a motivated seller who literally said "you can just have the house". That one got a way, she found a renter about two weeks later, and apparently I didn't act quick enuf. Part of what holds me back is definetaly fear, which I'll have to overcome, part is paperwork stigma!! I'm just not sure I have all my ducks in a row, so please review and comment.
Going to sellers, I need them to sign on:
Land Trust, me benficiary, and my own trustee, right?
Warranty Deed, transfer title to Land Trust
Sub To Contract (I have Legrand stuff)
Escrow Letter (to apply any remainder in escrow to balance at final close)
CYA letter
Release of Info letter
Is that it?????
Also, on a related note, When selling on L/O, how do you smoothly explain the situation to your buyer, with regards to the mortgage being in someone elses name, and their signing the CYA letter, and potential problems?
Thanks for your response,and thanks for the recommendation Cash!
$$$
Kylee we need to talk e-mail me. 
$Cash$
$$$[ Edited by JohnLocke on Date 04/28/2003 ]
Do you have Cash's Subject To manual? If you are interested in that method it is the best $160.00 you'll ever spend. It answers all of your questions and has paperwork included, although I would have the checked for state specific stuff by a knowledgeable attorney.
Good Luck,
Shawn(OH)
You may want to know more about Sub To's before you start. I actually had a guy wanting me to take over payments and give me his house. I just read about Sub To and threw it out to him before I even realized it. I couldn't do the deal because I didn't know how to structure the deal so he, my buyer, and I wouldn't get screwed in the process. I would recommend getting Cash's course before doing any Sub To deal. I know it is hard to turn one away, believe me I know but I didn't want to screw someone over because I wasn't able to set up the deal properly.
Tom[ Edited by tbelknap on Date 04/28/2003 ]
Kylee,
Glad to see you on board this board.
You will find the pace here easier on the sit down.
Keep posting always a pleasure seeing friendly faces join in.
Gooooood Mooooorning TCI.
John $Cash$ Locke