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Updated over 7 years ago, 04/14/2017

User Stats

10
Posts
5
Votes
RaeLena Morrison
  • Amelia, OH
5
Votes |
10
Posts

Subject to Purchase short term

RaeLena Morrison
  • Amelia, OH
Posted

I have been researching and reading everything I can get my hands on for about 6 months now about creative financing and subject to deals. We are in the process of putting my in-laws rental property under contract in Ohio. She needed cash now so she refinanced the property for an agreed upon price between us and then we are to take the property subject to. The tenants are moving out and we are planning on marketing this right away for a local buy and hold investor or occupant. The refi was done through a local credit union and my in-laws are worried about the due on sale clause and it ruining their relationship with the credit union. Obviously we are hoping to have the property sold ASAP, but things happen. How is the due on sale clause differ between traditional banks and local credit unions if at all? Are there things I can do to protect both parties that I may have not come across? My attorney is advising against a trust because he says it offers almost no benefits. Any advice would be great on this as it is becoming a frustrating 8 month journey....

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