Wrap loan, and recording Deed only??

[Kylee Roe]

Hi All,

Thanks in Advance--

My investor marketing/mailing turned up a homeowner who was ready to bail and just abandon his house. Unfortunately, he owed way to much to take it on as a flip--and not interested in it as a rental. Being a Realtor, I offered to list it for him and see what the open market would produce. Now on our second buyer who really wants the house, the owner has left the state (California) and abandoned the home. Ex-girlfriend has moved in uninvited (They broke up in Dec. , she was kicked out, y'know...the whole story), no lease, no payments and is squatting. Needs to be evicted, we can't get in the house, nor complete the sale.

Buyer is willing to pay for the eviction--seller won't, can't and could care less.

My question is, if we do a quick "kitchen table" closing--that is the seller signs a warranty deed to the buyer and sells him the house, loan stays in seller's name for now, what do we need to record to be "officially" on record. No escrow company involved, so want to be sure I know what paperwork is needed to be recorded. Just the deed?

Thanks.

[Wayne Brooks]

Do Not do this on your own.....you're getting into the "practicing law without a license" territory.  You don't have to buy title insurance to use a title co.  You absolutely want a new mtg recorded when doing a "wrap".  If doing a straight sub 2, the owner exposes himself to additional risks.