"Due On Sale Clause"

Comments(9)

• 
  Niceguy110th August, 2004

  OK
  
  I get it. The Due on sale clause is in part to prevent the transfer of deed without the bank's knowledge. Was this clause created to prevent Joe from deeding the house to for example his pal Tom so Tom could attempt a shortsale?
  
  Niceguy

• 
  kenmax10th August, 2004

  goto the bottom of the page click on "tci university" for abbreviations and defs........kenmax

• 
  Niceguy110th August, 2004

  Thanks I looked it over TCI University and I have enquired
  
  I posted in hopes of a response to my question. Can someone entertain it?
  Why was the Due on sale clause created?
  What was it designed to combat?
  Just wanna know
  
  Respectfully
  
  Niceguy
  
  [ Edited by Niceguy1 on Date 08/10/2004 ]
  
  [ Edited by Niceguy1 on Date 08/10/2004 ][ Edited by Niceguy1 on Date 08/10/2004 ]

• 
  rbjj1st March, 2005

  I really would love to know if my thoughts on this subject is correct, and would love to hear some others opions about this.

• 
  ryand8th March, 2005

  i am afraid if i read them i will be scared

• 
  TheShortSalePro10th March, 2005

  If you are going to be the owner of this property, and finance the purchase of this property, then, yes. Your name as Purchaser would be appropriate.

• 
  motivated_buyer10th March, 2005

  You could also ask. They might allow you to sign "As Member" of the LLC since you are personally guranteeing it anyway.
  
  I did this with WAMU (Washington Mutual)
  
  Good Investing
  
  Joel

• 
  cbrechbill110th March, 2005

  If your LLC has credit use the LLC to purchase, if no credit, i would suggest building it, you can purchase using your LLC this way, although an LLC can be a hallow shell if not done correctly

• 
  corbint10th March, 2005

  ODALEE, can you detail the process you went through to get a short sale approved with Wells Fargo? Also, how much is the property worth, what was owed to Wells, and how much did they accept?
  
  thanks!