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Updated almost 9 years ago,

User Stats

180
Posts
155
Votes
Chris Heeren
  • Investor
  • Janesville, WI
155
Votes |
180
Posts

Wisconsin Subject To Deal

Chris Heeren
  • Investor
  • Janesville, WI
Posted

I just had our very first "Subject To" seller call in and say they are willing to sign over their house with the existing mortgage in place, I'm about to walk through the property this afternoon and my rule is always to bring a contract with me. However, I have never done a Subject To deal before and my attorney isn't available until Monday. Is anyone willing to help run through the steps that I will need to do before I actually get a contract signed? (In this case I won't be signing anything until I talk to my lawyer but would like to know if there IS anything I could do this afternoon to help the process along) 

I first have a Wisconsin Form 30-2003 Assignment of Mortgage. I plan to talk to my lawyer to ensure I know how to fill the form out correctly, I will then have a title company run a title search on the property and if it's clear I image I would then schedule a closing at the title company and bring the assignment of mortgage paper in to close. Here's my newbie question - Do I still have them fill out the typical WB-11 Purchase Agreement Form? Are there other steps I need to do when dealing with a subject to deal? Any help here would be greatly appreciated!

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