Sellers Protection
has anyone here ever gone out of their way to protect the seller in a sub2. something like having a deed back to the seller in escrow with instructions that if I stop paying he/she gets the house back. OR, is your word enough?
There are cases where I have used "seller protection". They just happen to be when I'm the seller.
In regard, to sellers I'm taking title from using subject to ------no. I don't take title unless I know I can cover all contingencies. I have never reneged on a deal, I have never made a payment late, and the seller's credit score has to have improved from (generally) where they were when I came into the picture. I guarantee I'd take a financial loss rather than put the previous owners in jeopardy. Taking title subject doesn't make you personally liable for the debt but there is a liability morally (if not legally) to honor this committment.
I surley promise to make payments. I was just thinking to put the seller more at ease. I dont know if my word is enough to him even though I know I will honor.
I was told that you might be able to hve the seller pay the next months payment to help you in this situation but I'm not sold that it would work,,but does'nt hert to ask right......
Bill,
If you're talking to the right people, and you've presented yourself correctly, it will rarely be an issue. If they trust you, they'll do the deal. If they don't, no amount of safeguards you promise them will make them feel comfortable doing business with you. If they don't want to do the deal the way you presented it, maybe you shouldn't either.
Jeff