Here is one option.
Get the property into a land trust with the
current owner as the beneficiary and you as the trustee. Then purchase the property on a "subto" deal
and you can pay the owner for the equity.
Now make sure any hazard insurance transaction
changes are made at the time the land trust is setup.
If done later and the lender is notified, they could call
on the loan.
As a backup plan, i would look for an investor loan
right now. If you state it to become a rental property,
who knows. You could still get a loan.
If the worse comes to worst and the lender calls, you
will be better off switching.
Folks, please feel free to contradict if something is
wrong with my statement.
Another thing to remember is that you will most likely have to deal with both spouses – which can get a little sticky.
I might suggest sitting down with both of them at the same time when you present your offer. You don’t want one person thinking you’re siding with the other one. You want them both to think you’re looking out for their best interest.
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Here is one option.
Get the property into a land trust with the
current owner as the beneficiary and you as the trustee. Then purchase the property on a "subto" deal
and you can pay the owner for the equity.
Now make sure any hazard insurance transaction
changes are made at the time the land trust is setup.
If done later and the lender is notified, they could call
on the loan.
As a backup plan, i would look for an investor loan
right now. If you state it to become a rental property,
who knows. You could still get a loan.
If the worse comes to worst and the lender calls, you
will be better off switching.
Folks, please feel free to contradict if something is
wrong with my statement.
Thanks
Krish
Another thing to remember is that you will most likely have to deal with both spouses – which can get a little sticky.
I might suggest sitting down with both of them at the same time when you present your offer. You don’t want one person thinking you’re siding with the other one. You want them both to think you’re looking out for their best interest.
My 2¢
What is the mortgage balance?