TX Sub-2 Question For Mr.Locke
Hi, I have posted this question on the Law and Legal forum without much success, so sorry for the double posting.
My question is when buying sub-2 in TX and selling on owner finance, what is the best/most preferred method now that CFD is frowned upon? Deed of trust, wrap etc. ? Please clarify. Thanks, "B".
PS: I have your "Sub-2" manual and want to gain more knowledge before I talk to an attorney.
srb,
I believe one method these days in Texas is to sell on a wrap. This would still transfer title, which you would record. You would also record a new deed of trust.
This way you are still in charge, run this by your attorney to get his thoughts on this method, as attorneys have their own opinions.
You still have the Lease/Option method, you will need to get a little more into the benefits using this method to your buyer and somewhat creative in explaining it to receive a larger down payment.
John $Cash$ Locke