I have a motivated seller that will sell me their home "subject to". The property has quite a bit of equity and the sellers just want out for what they owe.
So, in order to do the deal, I need:
1. Purchase agreement
2. Warranty deed and promissory agreement
3. Quitclaim deed in the event I fail to make a payment
4. Title transferred
Ok... so what am I missing on the buying end? I know the quitclaim deed needs to be in the escrow account. Does everything go to the title company? How is the title transferred? Do any of you normally put any type of exit strategy for the seller in the contract?
Does the purchase agreement need to outline how I will be buying the property (i.e. subject to)? They are willing to make another mortgage payment or two until I get my end buyer in. How long does this process take? Can I put this in the purchase agreement as a contingency?
I do have a buyer that will buy this property once I get it under contract. What do I need to sell this to the end buyer?
I'm guessing the same documents?
Understand the concept but would appreciate any advice from someone that's done this type of deal before.
I have a motivated seller that will sell me their home "subject to". The property has quite a bit of equity and the sellers just want out for what they owe.
So, in order to do the deal, I need:
1. Purchase agreement
2. Warranty deed and promissory agreement
3. Quitclaim deed in the event I fail to make a payment
4. Title transferred
Ok... so what am I missing on the buying end? I know the quitclaim deed needs to be in the escrow account. Does everything go to the title company? How is the title transferred? Do any of you normally put any type of exit strategy for the seller in the contract?
Does the purchase agreement need to outline how I will be buying the property (i.e. subject to)? They are willing to make another mortgage payment or two until I get my end buyer in. How long does this process take? Can I put this in the purchase agreement as a contingency?
I do have a buyer that will buy this property once I get it under contract. What do I need to sell this to the end buyer?
I'm guessing the same documents?
Understand the concept but would appreciate any advice from someone that's done this type of deal before.
Thanks!