Free & Clear home, Attn: Ed Garcia - Posted by Lee Thomas
Posted by Lee Thomas on July 01, 2001 at 02:46:55:
Hi Ed, I have a motivated seller. They own a home free and clear that is worth $435,000. They called me from a local ad I have. They want to sell, they bought another home. They would be willing to accept $350,000 for an all cash deal.
Purchase the home on a short term land contract, once the home is in my name, can I refinance for 85% LTV and pay the seller, subject to me finding a tenant/buyer? And will you do the loan? Once I have it, I will sell it to my tenant/buyer within 2yrs. Or do you suggest another way to do the deal? I am in Las Vegas. Your immediate response is appreciated. Thank you in advance.
I also have two other properties that the sellers are willing to deed to me with so much down. The first is worth $320,000. The loan balance is a 1st and 2nd for a total of $307,000. The seller is asking for $7,000 and they will deed it to me.They are getting a divorce and can’t afford the payments alone and don’t want the loan in their names together anymore.
The other is worth $153,000. The loan balance is $141,000. The seller is asking $5,000 and he will deed it to me. They bought another home and can’t afford both payments. What I need to know is what type of deed do I use, i.e. quit claim deed, grant, bargain and sale deed or contract of sell?
And could you explain what type of deed is AITD and what type of situation would you use it?