Her official appraiser didn’t show, but she would have to be a fool to not have talked to family, friends or someone with a clue over the course of 6 months.

Purchase price: $138,000 Cash invested: $60,000 Contributors: Jon Sanborn Our Team purchased our 2nd official property!

My thought process is you close on the property for 9/30 but since it's occupied you cannot start any type of work (demo or reno) until the occupant officially leaves. 

If you announce to the bank that you are taking over the loan, they have the right to call the loan due if the seller sells to you on Subject To.

Write all interested parties, mortgages, and liens listed in the complaint.Verify the owner(s) of the property Go to the county appraiser, tax collector and official records site (clerk of courts) make sure they all list the same owner If a discrepancy is found more research is neededSearch for filled Mortgages.Gather the chain of title from the property the appraiser and official records and do a name search for each person that held the title of the property and find the mortgages associated with those names.Search for Satisfaction of mortgages/release of mortgages, and assignment of mortgagesUsing the names for each mortgage found, search in public records for the satisfaction of mortgages for each mortgage found.Any mortgage left without satisfaction is an “active lien” , in Florida the oldest recorded mortgage holds the superior position (Unless there is a subordination of mortgage recorded)*MORTGAGE POSITION IS KEY….YOU WANT TO ACQUIRE A FIRST POSITION MORTGAGE!!!!....

and the house is officially ours!

Well rehabbed homes in that same area have been selling in the $120k's (ie. officially "SOLD)".  

It can work out great, but yes, it's not very official and you really need to trust the person.

For clarity; as with a trust, lenders do not exercise the "due on transfer/sale" clause when real property is transferred to the SAME individuals in an official capacity (e.g.

@Chris Fi, while you are welcome to discuss a meetup in the regular forums, announcements of said meetup can only be posted in the Events forum at www.biggerpockets.com/events