Number 2 (or 3) Subto Seller Objection
Seller OBJECTS!!!
My seller wants assurance that his next mortgage lender won't choke on his current mortgage obligation because of his paper debt-equity ratio.
The seller is not distressed credit-wise. He has other motivations.
I have heard, for example, that I can execute a land contract for documentary purposes that would show that his purported mortgage payments were offset by a debtor who was making payments.
For a subto deal, I've also heard that the issuer of this land contract obligation would already possess the deed.
Sounds a little flaky to me.
Anyway...
Is there a solid way I can protect the seller's debt-equity ratio so he can easily qualify for a new mortgage even though I hold his old mortgage subto?
perfecto,
Yes, there is a very easy way to do this.
Talk to any Mortgage Broker worth their salt and they will explain it to you. These people are just as creative as investors.
John $Cash$ Locke
[ Edited by JohnLocke on Date 02/14/2004 ]
John.
Check your private message box.
No great hurry but any response would be appreciated!
perfecto,
I checked it and it was empty are you trying to tell me something?
John $Cash$ Locke
John!
Sorry about that. Not sure what happened.
I'll call you on Monday if that's OK.
Right now, I'm going to bed!
Perfecto,
Always, anytime.
John $Cash$ Locke
Hey Perfecto....I use to live in Aspen Hills outside of Woodland. Sure miss that place. If I have many more deals like this week's duplex, I'll be heading back that way...$$$!!!
Hey paulabe713!
I'm looking at two homes in Aspen Hills today! Beautiful area but a little hard to get around when there's been a lot of snow.
I'm sure you'd be welcome back if you decide to return.
Maybe I can sell you a house !!!
Cool deal...Aspen Hills is an awesome area. That first hill going up into the subdivision is pretty radical with 8 inches of snow on it, for sure. The best parts of the area are the properties bordered by Pike National Forest. I used to hike back in there every day with my pack of dogs. I remember once I got lost and ended up on Highway 67 just north of the new golf course...well, it's new to me anyway. I'd love to stay in touch with you on this, because it is our aim to get back out there.