All Forum Posts by: Ryan Roberts

@Charlie Winter

A quitclaim deed just conveys any interest the seller has in the property. The mortgage would still stay in the seller's name unless they got a release of liability from the lender, at least in Texas.

@Guadalupe Esquivel

Lets say the seller owes $100k on a property that's worth about $110k, its very possible they lose money on the sale after you account for all the selling costs. They could sell their house to an investor subject to their existing mortgage without losing money on the sale, and maybe even get some money at closing if there's a big enough spread.

An investor may want to do this because they only have to pay the closing costs to get into the property, so their exposure is very low. So instead of getting a hard money loan, they can just use the seller's financing until they sell the property

As @Bill Gulley mentioned, most loans now have due on sale clauses. Lenders just have the option to make the money due, but they likely won't. A few reasons why they won't are (1) they'd have to find out, which means they'd have to conduct a title search, (2) their only recourse is to foreclose on you which takes significant time and energy for the bank, and (3) it makes the bank look bad when they foreclose. My attorney said he's only seen a bank call it due a couple times over the hundreds of sub2 transactions he's done and they've never had to pay.

Again, I'm in Texas, talk to a local attorney. 

@Cristina Ortega

Have you found a good skiptracer?

@Martin Zagrzejewski

I'm guessing (hoping) its different city to city, but my experience with Mojo is that it's horribly inaccurate. I messaged ~400 people, got 60 responses with 54 saying I had the wrong number.

Hey @Jason Hirko,

We were thinking letting them repay it over 30 years, or possibly interest only for 10 years to keep their payment down. But we have flexibility as we're still a few weeks away from purchasing the home ourselves.

Hello BP,

I have a home under contract in San Antonio and have a question about selling it with owner financing. It's in a great neighborhood (Thousand Oaks) and its an older home but can be rented as is. The plan is to sell it with owner financing, and then selling that note as a partial to recoup our initial investment. 

How many cents on the dollar will a partial sell for if the LTV is 90%, with a 6% interest rate? 8% interest rate?

Hello BP!

I am a realtor in the Austin area and have a client who is interested in making multiple offers.

Many sellers want to see a pre-approval letter when considering offers. Since we're making multiple offers we don't want to get lender pre-approval for each property and also don't want to show our cards (how much they're approved to borrow).

I was hoping to get some type of "blanket pre-approval" with no specific price or property stated, but we were 0 for 3 when asking lenders if they could do this. Has anyone done this or have a good solution?

@Jarrod Covey

The license applies to any type of short term rental (airbnb, homeaway etc.). 

The City of Austin defines a short term rental as a property that is rented for less than 30 days.