Question.....



[ Edited by blueboy7882 on Date 01/21/2006 ]

Comments(15)

  • InActive_Account7th May, 2005

    It would be the same as if you died. The property would be handled though a living will or probate. Ya know you worry alot.
    Stop worrying!! The chances of this this guy turning up dead is the same as yours.

  • blueboy78827th May, 2005

    [ Edited by blueboy7882 on Date 01/21/2006 ]

  • InActive_Account8th May, 2005

    LOL!!! Good one.

  • InActive_Account8th May, 2005

    If the guy died you would probably be in a bad position, Maybe you should ask the investor to put the house in his will for you.
    ????? Does the guy have and entity? LLC, Corp???

  • blueboy78829th May, 2005

    [ Edited by blueboy7882 on Date 01/21/2006 ]

  • Stockpro999th May, 2005

    Place a deed in escrow with instructions to the effect the if he dies the deed reverts to you after 30 days of non payment on the underlying contract...
    [addsig]

  • blueboy78829th May, 2005

    [ Edited by blueboy7882 on Date 01/21/2006 ]

  • blueboy78829th May, 2005

    [ Edited by blueboy7882 on Date 01/21/2006 ]

  • kleinpm9th May, 2005

    You seriously doubt he died? I would to if I could call him up and talked to me.

  • kleinpm9th May, 2005

    That was supposed to be " and HE talked to me"

  • blueboy788210th May, 2005

    thanks for the responses==my question was a WHAT IF question, i always have these silly questions. I just talked to him today though...everything is cool and payment has been paid.

  • blueboy788210th May, 2005

    ur right----and im not doing sub 2 ever again...and i do worry too much. Im done posting though---i do like this site tho---its very informational. Thanks for all the responses.[ Edited by blueboy7882 on Date 05/10/2005 ]

  • norrist29th April, 2005

    Hi Jason,

    Check out this article.

    http://www.thecreativeinvestor.com/modules.php?name=Articles&file=article&articleid=472

    Best regards,

    Tim

  • kimesha10th May, 2005

    ok so i read the article and i must say that it does make sense. but do you go on and cancel the original insurance policy. will the bank not care that the new polisy is in a different name with the previous owner being secondary?

  • norrist10th May, 2005

    Kimesha,

    You should have the prior owner cancel the policy as it is no longer valid, anyway. By naming the prior owner as "Additional Insured", you usually quell the concerns of the mortgage company...

    Hope this helps,

    Tim[ Edited by norrist on Date 05/10/2005 ]

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