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Updated over 3 years ago on . Most recent reply

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Trying to close a Subto deal but having troubles

Shannon Schlappi
Posted

Hi Everyone, 

Shannon in Kansas City, MO here and I've been watching quietly for a while and now as I scramble to make some moves before the end of the year I've found a great deal that the owner of a commercial building has a small note and is willing to make a deal subto.  The bank seems confused by my request and the owner and I are in agreement on the terms and it's a good deal that really works for me right now.  Who can help me facilitate this deal quickly as the bank is confused and I called a friend who is an attorney and he referred me to a real estate attorney and even he seems confused.  It made total sense listening to Pace, but now I'm wondering if I can get this deal done.  Please let me know who you use for these types of deals and if you think I can still get it done before EOY.  Thank you!

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Curt Smith
#5 Mobile Home Park Investing Contributor
  • Rental Property Investor
  • Clarkston, GA
1,919
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Curt Smith
#5 Mobile Home Park Investing Contributor
  • Rental Property Investor
  • Clarkston, GA
Replied

@Shannon Schlappi please connect with me ill send my subject to training pdf! Thus so difficult and can get the bank all wound up for no reason. Please!

Yiu need a Poa, power of attorney to manage the bank, insurance, critical steps and necessary docs at closing and steps post closing.

Closing into a trust is nice but not essential, the Poa, seller affidavit etc are key and needed. Then the steps post closing setting up auto pay, landlord insurance policy etc.

  • Curt Smith
  • [email protected]
  • 678-948-7151
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