Posted by Bob In Indy on December 08, 2002 at 17:28:57:
We approach the motivated sellers that call us by telling them that we’ll buy their home…subject to the existing mortgage. We get the deed, we make the payments on their mortgage…no L/O stuff here. We get the deed.
Yes you can do all kinds of wraps, but why?
We’ll lease out the home and the buyer will have no equitable interest in the home…so if things go sour, we evict. In most states that’s a simple, rapid process.
I don’t want to provide a second mortgage, or other type of financing…no need to, with this system.
Hope this helps,