All Forum Posts by: Mark M.

Thanks Larry!

We are looking for reputable on-line businesses that sell inexpensive professional looking Realtor yard signs, directionals, etc...Thanks.

Thank you, and that does help. 

When insuring a subject to deal should we be listing the previous owner as additional insured?  We have the underlying lender as insured.  Thanks

Thanks Josh. I was thinking USDA called all loans upon transfer of property to free up money for future lending.  I've done subject to deals on other loans no problem, but never USDA.  Maybe I'm thinking of another lender. 

Does anyone have experience buying subject to a USDA loan using a land trust?  

I have a duplex under contract. Its worth approx 100k, bought for 90k, $650/mo principal only payments with 4 year balloon. The upstairs rents for $625/mo and the downstairs rents for $425/mo.

I want to sell it on a L/O to a tenant buyer. Can I structure it as follows?

Upstairs tenant buyer pays option consideration = 2k+, rent is $850/mo with $300/mo as rent credit (tenant pays extra $200/mo, I chip in $100/mo rent credit). Purchase price is 120k in 4 years.

--All while keeping the downstairs rent of $425/mo.

Thanks

A family member is planning on partnering with us to bid on a foreclosure.

In the paper:
"Whereas, the property being foreclosed upon may be subject to other liens and encumbrances that will not be extinguished at the sale. Any prospective purchaser should research the status of title before submitting a bid".

The first lien is foreclosing. There is a 2nd lien recorded and I understand it will be extinguished upon foreclosure. What other "liens and encumbrances" must I be cautious of before bidding on this property? I have viewed a preliminary title commitment (several months old) and it didn't state any other liens or info (except taxes for previous year haven't been paid).

Thank you!

At what point in the probate process can the personal representative sign a purchase agreement?  (Could be a great sub2 deal but the rep is not making pmts and the house is in pre-foreclosure.  I'd like to get an offer signed asap but I'm not sure if I have to wait until probate if finished.  If so, it may foreclose by then.)