All Forum Posts by: Nicole Dechow

@Marshall Hooper what is the correct way to do the insurance? Would you list his mortgage company as the mortgagee?

@rob 

@Rob Milliken is this difficult for him to do? Would our attorney handle this for him and are there costs associated?

@Jeremy Roberts thank you!

@Account Closed so with this scenario we could keep the property owner financed long term and just know our options in case it is called.

@Account Closed I meant if we borrowed 70k cash from a private money lender to pay off the sellers loan.

So would we just give him an offer for seller financing and have our attorney wrote up the contract.  What are the possibilities with due on sale.  Thank you for your help.  I just do not want to put the seller in a bad position.

@Account Closed he will owner finance for at least a few years but I was just worried about the due on sale clause with his mortgage.  Can you do subject to and take over the mortgage and still pay extra? The owner wants more then 100k but that is all it’s worth right now so we are trying to figure out a way to get him more.  Thank you!

@Barry Pekin thanks for the advice!  He wants 150 which is not reasonable for the current condition he also wants as much as possible without having to list it.  Good ideas to try to keep getting to what he needs!  I have to ask more questions!

@Jason D. I did think about that but I wasn’t sure how we would pay our lender back the 70 then.  If we put about 30k into it, it would be worth 170.  We wanted to use it as a rental but are not opposed to flipping it.  Our private money would want their money after about 6 months and he would probably want to hold the loan for a little while.  Any ideas?

We are speaking with a seller at that still owes $70000 on his property. We offered $100k cash and he is not interested. He said he would be interested in creative or seller financing.  Is there anyway to do this without fear of due on clause from bank?

Any ideas would be appreciated!!

Thank you!

Thank you, John! Does a deed in lieu state that if we default the deed automatically returns to him?  Yes it seems he is afraid we will give up.