Posted by Johnny on April 12, 2007 at 09:50:36:
Yea, there is good equity in the property. I will have it up for sale as soon as the contract is signed. If the Due on Sale is envoked, how long do they give to pay?
First Deal—Questions - Posted by Johnny
Posted by Johnny on April 11, 2007 at 22:26:14:
Well, tomorrow I am going to hopefully do my first deal. Zillow.com has the modular home and 1 acre at $208,000. The lady went through a divorce and is letting me take over her loan…$130,000 plus $5,000 for moving expenses. The home is a 2003 4/2 with 2560 Sq. Ft. and 1 acre of property. All it needs is cleaning.
Question, what kind of paperwork do I need to take over her loan? Do I do a warranty deed on this type of deal?
Any and all help would be greatly appreciated.
Johnny
Re: First Deal—Questions - Posted by Trevor Mauch
Posted by Trevor Mauch on April 13, 2007 at 18:11:39:
First of all… don’t use zillow.com for your comp. price… especially for a modular home. Zillow is great for quick references… but not for actually buying a property.
I’d visit an attorney or title officer and talk to them. They will tell you exactly what you need. Besides, you should use title company/attorney for your closings anyway… don’t do kitchen table closings.
Just my opinion.
Trevor Mauch
www.thereibrain.com/realestate-blog
Re: First Deal—Questions - Posted by lukeNC
Posted by lukeNC on April 12, 2007 at 09:45:05:
have you checked title? Make sure title is clear before you plunk down the cash.
You have enough room to get out of the picture if the lender does call the loan. Looks like there’s plenty of equity there.
Re: First Deal—Questions - Posted by Johnny
Posted by Johnny on April 12, 2007 at 09:22:51:
Also, how do you get around the Due on Sale Clause? Surely, the bank will throw up a red flag if they start seeing payments coming from me rather than the person on the loan.