Have her close the line of credit, first. Get proof in writng that it has been done. It will still be a lien on the property, but at least it won’t increase and you’ll know what you are getting. Then make sure and get title work. If you want to know what happens when you don’t read the post below that got 35 responses when he didn’t use title insurance and have them close it (whether you buy cash or not, use a title policy and them to close it).
Posted by Walter Walker on July 17, 2000 at 20:06:23:
I have a seller that will give me title and allow a subject to deal to happen here. She has an equity line of credit available to her also. What is the right way to work around this so she can’t draw money against the equity? And…if she already has, I am told that this is not a safe deal to do. I now turn to the pros!
Any advise is appreciated. I wan’t to talk with this lady tonight so any answers will help me greatly.