help closing a deal
i have a seller that has 4 months till bank takes back the home.she is moving out on the first of april then i can get into the house to paint ect.i need a week to get home ready for market.i thought i could get the house and sell it in the 4 months that i have.what contract do i use on this one // please help thanks much
You didn't indicate whether you are going to bring the delinquent mortgage current or not. Anyway, to answer your question, you probably want to use a subject to contract, purchase the house (with title insurance I might add because who knows all the liens that may be on the house? If the seller is behind on their mortgage, they are probably behind in their property taxes and their might also be some judgments filed against her that are now a lien against the property.
Good luck,
Taxjunkie
the house is behind on payments.i was hoping to sell it with out getting a morgage on it i have 4 months before bank takes it back .. hey taxi thanks for your response
I think what taxjunkie meant was take the property subject to the existing mortgage -- take over their mortgage payments. If you take over their payments, then you do not need to get new financing.
Question: Who's name is on the deed? Do you have a contract on it?
Tanya[ Edited by tanya1215 on Date 03/23/2003 ]
i dont have a contract at this time.house is behind on 2 morgages about 7k .dont want to put the 7 k up if i can help it.i see a 4 month window to sell this property before bank gets it.both morgages total 153k needs about 6k in fix ups market value 190 maybe a 30k profit .i need to know what is the best way to go about this deal, like what kind of contract ect ,thanks much for the replys