Sub-to Deals: Use a 3rd Party Servicing Co?

Question

For those of you that have been either  the buyer or seller of a subject-to deal, did you use a 3rd party servicing company for the payments? If so, would you recommend that company , and how much do they charge, more or less?

Corby Goade · Answer

Absolutely need a third party for proper and legal documentation. There are tons of long term escrow services out there- many title companies provide those services. The ones in my market charge around $30 per month.

Eliott Elias · Answer

There is a trust factor with you and the seller. Will have to be on standby to let you log in.

Laurie Mohler · Answer

Thanks @Eliott Elias.  Is there an issue with the One-Time-Passwords for dual step authentification?  It seems like my own bank texts me a OTP everytime I log on from a different browser.

Also , does the seller maintain the same insurance policy?  Could I (the buyer) be added as a loss-payee w/ o much hassle?

Eliott Elias · Answer

No, you get the log in information to the banks portal and pay directly.