@Account Closed
Good article. Thanks for this. I think Pace Morby makes it sound like a slam dunk easy-peesy-nothing-can-go-wrong "I do one every day" (don't know if you heard him on the BP Podcast I mentioned in my post).
Point 3 "you can really mess up the sellers credit if you miss a payment..." In this case, the mortgage is still in the deceased dads name... I'm assuming that would eliminate this point of concern?
Point 4 "If the seller files bankruptcy..." Is this still a concern with the mortgage being in the deceased dads name? Or if title has been transferred to the kids and one of them filed bankruptcy this could become an issue?
Point 5 " If there is a fire..." Is there anything out of the ordinary to "setting up insurance" on a Subject To purchased property? Normally my bank would be the lien holder on my insurance for a covered property. How do you do this with Subject To?
Point 6 - As far as I know there is no financial "distress" involved in this decision for the kids to sell. One is a doctor, the other is a business owner and they just have no interest in being land lords.
Point 8 "Jail???" wow that's crazy! But of course, I don't plan on missing payment. Fingers crossed!
Points 9 and 10: Can I avoid these concerns by negotiating fairly and using my attorney for all contracts and NOT using a Quit Claim Deed?
Points 12 and 13 - Lender: Can I ask the sellers to do an address change with their bank and have all documents sent to me? I'm assuming since the loan is still in their dads name, all mortgage statements would be sent in his name? So perhaps just change everything to my address as though he lives with me? Creepy I know... he's dead.
Thanks for your advice.
