Shannon in Kansas City, MO here and I've been watching quietly for a while and now as I scramble to make some moves before the end of the year I've found a great deal that the owner of a commercial building has a small note and is willing to make a deal subto. The bank seems confused by my request and the owner and I are in agreement on the terms and it's a good deal that really works for me right now. Who can help me facilitate this deal quickly as the bank is confused and I called a friend who is an attorney and he referred me to a real estate attorney and even he seems confused. It made total sense listening to Pace, but now I'm wondering if I can get this deal done. Please let me know who you use for these types of deals and if you think I can still get it done before EOY. Thank you!
@Shannon Schlappi please connect with me ill send my subject to training pdf! Thus so difficult and can get the bank all wound up for no reason. Please!
Yiu need a Poa, power of attorney to manage the bank, insurance, critical steps and necessary docs at closing and steps post closing.
Closing into a trust is nice but not essential, the Poa, seller affidavit etc are key and needed. Then the steps post closing setting up auto pay, landlord insurance policy etc.
@Shannon Schlappi I don't think you involve the bank. From my understanding is that the deal is structured between buyer/seller with an agreement that the seller keeps the loan under his name, the buyer takes over the payments with any additional down payments. The whole point is keep the original financing in tact without triggering the on due clause from the bank.
@Kent Chu Thank you for the response. I understand that to be the case as well, I'm just not sure if anyone can recommend a way to get that document created for my deal specifics. Does anyone on this board have a contact? Was considering going straight to Pace but not sure how difficult that may prove to be.
@Shannon Schlappi please connect with me ill send my subject to training pdf! Thus so difficult and can get the bank all wound up for no reason. Please!
Yiu need a Poa, power of attorney to manage the bank, insurance, critical steps and necessary docs at closing and steps post closing.
Closing into a trust is nice but not essential, the Poa, seller affidavit etc are key and needed. Then the steps post closing setting up auto pay, landlord insurance policy etc.
Hey, @Shannon Schlappi, my group here has quite a lot of experience with subject to deals and owner finance transactions as well. There's a couple attorneys that we know personally here in the KC market who can close it. Sounds like a pretty good opportunity; hit me up if you want to talk shop and we might be able to help get you to the finish line.