Posted by SueC on December 27, 2000 at 14:59:57:
It is possible that the buyer is helping the sellers by structuring the seller carry so that a broker buys their note at closing, so the seller gets a little cash up front but also gets rid of the place, the prior loans are paid off without a “subject to”, so the seller doesn’t have to worry about the “subject to” situtation. That’s just my guess.
Zig or Zag! - Posted by Jerry S
Posted by Jerry S on December 26, 2000 at 19:08:33:
I have been making offers on properties. Many of the offers are on houses (newer construction mostly) that the seller had called on my ad. I go visit the house with my offer ready to present (after prescreeneing over the phone) > Most are all subject to offers because of low to no equity and the seller needs out!
Sellers always tell me that they need to think about what I offered and say they will call back within a day or so. I NEVER HEAR FROM THEM AGAIN!!!
They sound so interested in what I am offering them (and some do get cash at closing!) but they never call back!
So just today I was at the courthouse and said, let me look through the records and see what if anything ever happened with these properties.
Three properties that I had made my offer to were “SOLD” “SOLD” “SOLD”!!!
Funny thing is that they were all purchased by the same company! All were recorded as being “New Loan From Seller” with minimal down payments made! (minimum meaning from $1K- $8K)
Why did these sellers never call me ? Hey, I was offering some of them cash just like this company did but I was asking for the deed as well. Is this not a good way to go? (Subject To). I also looked through a lot of this companies recent and past purchases and 95% were all taken with a seller carryback. Seems to me that the best way to offer would be just that. What do you guys think? Should I be insisting on getting the deal signed up before I leave the property instead of leaving the offer with the seller? Is that a problem I am creating for myself?
Also, when you do buy with a new loan from seller, is this what is called a “Wrap” and if it is then that would mean that I don’t get the deed! How do you structure the re-sale to your buyer when you don’t have the deed, and how does the new buyers lender take all of this?
Thanks for your help. Any and all suggestions are appreciated
Jerry S