Indianapolis Subject To deal in Land Trust
If I wanted to buy a house subject to in Indianapolis what would be the best way to structure the deal so that the seller is able to buy another house without worrying about their debt to income ratio being affected from still having the lien on the house that they sold me subject to?
According to Ron LeGrand in his state of Florida, the instrument that is used is called a wraparound mortgage. Here is a video of him explaining how it works in Flordida:http://youtu.be/qJ7lAOuokAI
He explains how every state uses a different instrument. If you live in a deed of trust state it would be called an "all inclusive deed of trust" or "trust deed", or it might be called a "land contract"or "land installment contract." This is all done buy purchasing the property in a land trust.
Has anyone in Indianapolis structured a deal like this to enable the seller to purchase another home in the new state they are moving to. If so, what instrument did you use? A detailed explanation of an example deal like this can be found in the above linked video.
@Jynell Berkshire have you facilitated any transactions such as this one?
