SUB2 deal involving a divorcing couple
I have just completed my first marketing campaign with wild success as far as receiving phone calls is concerned.
My first potential deal involves receiving a call from a man who is going through a divorce. Here are the pertinent details
ARV = 300k
Mortgage owed = 235k
Name on title = Just the man
Renovations = Just esthetic
He cannot go onto the property of his home because of the problems with his wife.
The man has told me that he has been advised by his lawyer that he will have to have his wife sign off on any purchase offers on the house. I assume that this is just so that she will not be able to come after him for anything related to the house during the divorce. If this is the case then that should mean that he can sign off on the purchase offer and that he and he alone can transfer the title over to me.
If I can legally and ethically get him to sign off on the offer than my plan is the following:
1. Explain to him how the sub 2 would work.
2. Make an offer where I agree to assume payments and he transfers the title of the house to me or a person of my choice
If I cannot legally and ethically get him to sign off on the offer than my plan is the following.
1. Explain to him how the sub 2 would work.
2. Make an offer where I agree to assume payments and he transfers the title of the house to me or a person of my choice
3. Obtain the contact details of his ex-wife and, with his blessing contact her, set up a meeting with her to discuss the purchase of the home, create rapport, explain SUB2 and make my offer where I agree to assume payments and he transfers the title of the house to me or a person of my choice.
I am looking for feedback and criticism from all people but, especially from those who have successfully negotiated through this minefield before.
I am in Canada btw.