Warranty Deed

Hi everyone, I'm a newbie. I just wanted to ask how the process works when an owner is so fed up with the property and asks if he could just sign over the deed to you in exchange for some quick cash. He currently just has a first mortgage with Wells Fargo. Is it true by signing the deed over to me he will no longer be needed to transfer ownership once I pay off the first mortgage. Can anyone please explain how the process works? Thanks in advance.

Comments(4)

  • jeff1200231st May, 2004

    What you're talking about is a Subject 2 transaction. Try reading up on that subject in the Sub2 forum. After spending some time there, you'll better understand the process.
    Jeff

  • JohnLocke31st May, 2004

    abel_says,

    Glad to meet you.

    Your description fits Subject To investing, I have provided a link that will help you understand.

    http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=146

    John $Cash$ Locke

  • abel_says31st May, 2004

    Thanks guys for the response. I read the Sub 2 Articles. I still have not found what I'm looking for. I just want a breif description on how the process works. If anyone can sum it up, I will apreciate it. What I want to know is if he signs the deed to me, can a pay of the mortgage and sell it as a normal property. Thanks everyone.

  • GreatScott31st May, 2004

    john Locke is the man for the job.

    If he doesnt write back, send him a private note.

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