Hi Grant, would Mary Lou Gonzales be your realtor recommendation to bring me a buyer for a house I’d like to sell with a wrap in Mesquite (TX)? Could you share her contact info please? Thank you and I appreciate all of the educational content you put out.
Hey Grant, I know Texas does not do contract for deeds. I’m in Tennessee and I’m under the assumption that we can do them here. If I take a house sub 2 the existing mortgage, would I follow the same steps with selling to my end buyer on a wrap? ex. Get wrap buyer qualified through RMLO 10% down payment structure interest rate and payments that are around market rent rates wrap buyer brings 1 year prepaid insurance to closing, etc, etc, etc My point is, would the only difference in selling on a contract for deed be that the wrap buyer does not get the deed until the end of the contract agreement? If so, wouldn’t the eviction process be easier than a foreclosure, since they are not the owners of the property yet? Would the insurance be the same or would I stay the owner until the end of the contract?
I purchased a home subject to in April of this year. I received notice last week that the seller has filed for bankruptcy and INCLUDED the 1st lien mortgage on the home. I used private money to bring the mortgage current and for repairs as it was originally in pre-foreclosure. My private lender is currently in second lien position. Has this happened to you and how did you approach the issue? Property value is 125k, 1st lien balance is 81k, 2nd lien balance is 12k. 2. Have you ever bought a property subject to that has a 1st lien mortgage and other judgements in the sellers name that’s attached to the property? In theory you could never pay off the judgements and keep the property as a rental forever correct?
Is MIP/PMI considered a Holding Cost when analyzing Sale Info & Net Profits (Retail Sail)? I know that it’s included in OF Down Payment Net Profits. Thanks in advance guys!
If you have a seller that has a house free and clear, what are there terms you want to make sure that are in the contract? I’ve heard one to have is the First right of refusal, what are some other ones? Something about not being personally responsible? Any must haves, either in or out?