All Forum Posts by: Ahmad Moore

I have a tax certificate and will be receiving the deed very shortly, end of this month. I’ve contacted the previous owner as he’s the only one listed as the owner. I told him that I may get him to sign something once I get everything in order. What’s my next step, do I still have to do an ejectment.. quiet title, etc?

My plan is to hold the property.

@Shimira Greene can I message you a question please.

Indeed. Thanks 

@Denise Evans yes, I will have the deed.  The Agent only concern was me not trying to get a mortgage but instead was mentioning refinancing. The seasoning came up when I asked NAvy Federal how long did I have to wait when getting a mortgage to refinance- didn’t mentioned which type of loan though.

I understand you fully now. Hypothetically speaking, so if I was able to get a mortgage on the property within said 30 days, Sub2, technically wouldn't be a problem?

@Denise Evans

And I may add.. I didn’t want to take cash out when I thought of refinancing.. only to again, satisfy the loan.

Thanks for reply as always. Ok, this is where I’m confused because I brought up “ refinancing ” to a personal realtor and she’s the one who mentioned “ why won’t I get a traditional mortgage instead” and you won’t have to worry about perhaps a seasoning period and you’ll close within 30 days to say the least.

I have the payoff amount from title company.

With regards to whom gets what if indeed a “ refinance” is indeed the correct route, I assume the purpose of having a limited power attorney over said property would be suffice. But, the overall plan was to get in and out and satisfy the existing mortgage completely. I hope I made sense.

With regards to Subject 2 in Alabama, my plans are to immediately get from under the previous owner’s mortgage as I could get better rates and terms.

Subject twoing the property was the best option as owner didn’t want to wait on me to obtain traditional mortgage.

So, the question is since I’m acquiring the deed, I can immediately, within 30 days to get a mortgage on this property in my name? Anything I should be worried about along the way? 

Thanks

Thanks for the reply. I’m currently waiting on Title Company report on title so I would know what, if any, problems on it. I would still use them though regardless.

Thanks again.

I have a house that I’m thinking of doing a Subject 2. This would be my first time doing a transaction like this and would like some insight.

Originally I was going to wholesale but will make financial sense to keep it, whether to rent, flip, etc.  The owner is ready for it to be sold as soon as possible as we await that the title is good to go.

I’m in the position to purchase the house via mortgage or loan but since owner is ready to sell, the wait causes a dilemma, which I thought a Subject 2 would come in handy.

Now, if I go ahead with a Subject 2, what are my steps. Of course have Owner to agree first, draft a contract agreeing to these terms.. do I still have to go thru title company.. have Owner transfer deed???

My plans are to refinance to favorable terms if one of the option is to lease or rent.