Have A Subject To Deal That Requires Some Assistance Please Someone Help
hi I just inquired a subject to deal what I need to know is how do I get the seller to supply me with the deed? and how do I get a loan for the equity in the house? is there a mortgage company thator loan company that would assist me in refinancing so I can payoff the first loan/
Thank you very much 
[ Edited by Eugene on Date 01/06/2004 ]
Eugene,
Glad to meet you.
Do you mean you "inquired" or "injured" a Subject To deal I am having trouble figuring out what you have done.
How about a little more specifics on what you have done thus far to aquire this deal?
There is no problem in helping you, but from what you have said so far you are correct you do need help and lots of it.
John $Cash$ Locke
yes johnlocke's I was rushing trying to get that out spelling may be off huh os here's where I'am at now well the sell has allowed me to moveinto the proprty ,and we will be signing a land contract asap as soon as I can come up with one that will work for my best interest, I'll be taking over the mortgage the seller was in the rear for about $1700.00 monthy morgage wiil be 4450.00 there are two apt a one bed rm/ a two brm, well i have been talking with the seller for about one year, but at that time the seller wanted 10,000 down so i waited it out then seller came down to $5000. this is the writen agreement we agreed on >buyier is assuming property for seller for loan balance at the time loan company approves resumption of payments, (fed&march) +amount in arresrs , which total up to $1700.00
the seller agreed to pay that amount out of her $5000 down payment that I agreed to pay seller, so I will have to pay seller $ 3800.00 for their rights in /or to property. right now i useing someone computer cause mine is not working so if it takes day for me to reply please I will get back to you okay . so thats where I'am right now . as it stands I will be giving the seller $100.00 dollars , and the $3800.00 will be in a deferred payment agreement over the period og three years. so can I say that this is really a no money down subject right now . because my tenants will make monthy payments, how can I get a loan for the equity. and can I refinance the first mortgage, to payoff ? what can I do
Eugene,
I could tell you were a little excited so spelling is not my ball game either.
It looks like you are not doing a Subject To deal where you are getting the deed.
You are purchasing under a Land Contract where the seller retains the Deed until you live up to the terms of the contact. I advise against doing it this way when buying, to many variables can happen to the seller that could cloud the title, liens against the seller, etc. that could hurt you later on.
You need to purchase where you get the deed and do not give the seller any specific time that the loan will come out of his name. This gives you time to put a game plan together to re-finance the property if you intend on keeping it.
If this is your game plan then you will need to come up with the financing at some point in time, have you done your due diligence to see if an investor is not selling this deal? Sounds like it to me.
Make sure you are not dealing with a hungry investor looking for lunch and you are lunch.
Let me know how it goes.
John $Cash$ Locke
...the seller was in the rear for about $1700.00...
Now that's funny...
Chris,
It could have been $3400 now that would really hurt.
John $Cash$ Locke
I was already laughing about the same thing, but you guys made it even better!!!
This is soooo funny, just great!
Ladybug
good morning:
JohnLocke Yes!
Land Contract where the seller retains the Deed until you live up to the terms of the contact. an investor is not selling this deal the owner of the property is doing this deal. so what suggest do you have on creating the trems of this land contract? I raun into problems in wording it so I can obtain the deed at siging of the land contract agreement any suggests!