I have a house worth 220k-240k, I owe 130k and have a 3.75% 30 years am with 27 years left. WF loan. $896 monthly. If I wrap this is there a way to get at the 100k equity? I need more than the typical 10% down. Also in some of the seller finance videos, you mention an advanced class. Is this advanced class available to essentials members? Are there any future plans for more classes to be added? I just joined and I am enjoying it so far.
Seller WAS married and her wife passed away. The house was purchased 1 year prior to marriage and was in the deceased name only. The house was purchased in 2015. They married in 2016 and lived jointly until she passed away. The widow “our seller” sent the death certificate to mortgage and they changed the online password to the account and will now only accept payment. They won’t speak to her about the account. Seller is about to be 3 months behind and just wants some cash to get out of the house. Or she is going to let the bank take it back. The attorney told her to go to probate but she has zero money. How, if at all possible, can we sub2 this deal?
What are some ways to get the biggest tax advantage when doing sub to’s & sub to wrap around mortgages?
Does the title company organize the creative deal as far as promissory notes, deeds, terms on paper etc.? Or who does that for closing the deal? If it is title company, do all title companies do this or will I have to find one that handles creative transactions?
If selling on a land contract in a Judicial state(FL) and buyer stops paying, will I have to foreclose on them to get them out or can I just set up the eviction process? Best to just try and work it or do cash for keys?
Can you sell on owner finance for a 40-year amortization and still be compliant with Dodd-Frank?
How do you purchase a property via “subject to” when the owner is deceased? Is this possible?
Does selling a wrapped mortgage over land for contract/deed have any more benefits over the other? Disclaimer: In FL a judicial state.
You want your buyer to have skin in the game when they purchase so a rule of thumb has been 10% down. If your buyer is having a hard time affording the deal, will you allow your buyer to apply some of that 10% toward closing costs, prepaid insurance and establishing escrow? This would mean that perhaps 7% of the amount brought to closing would be applied toward principle. Does having less than 10% down (toward principle) make your note less valuable?
Apologies if you have discussed this recently, but does CreativeCashFlow have any of these paperwork or recommend any for when we buy the property: – Sub2 addendum – Seller Finance Addendum
Grant, What is the preferred way to retain and expense escrow payments in Sub2.
Grant, How would you handle a sub2 if you’re dealing with a probate property since the person you need to get to sign the paperwork is deceased? Can you just get the executor to sign everything?
How do you handle a market that the monthly rent does not come close to covering mortgage costs? I found a seller that is willing to sell $15000 under market with at 4% interest for 30 years.
Do you have a video or can you explain a little bit as to our part in a JV? Must we already have an option period in place with the seller? What is our role in the process other than finding a motivated seller?
How do you handle pre foreclosure that are in bankruptcy?