Buying a house from someone who owner financed
I have a pending smoking deal on a house. The motivated seller has owner financed the house and has completed about %80 of the renovations. My question is if and how can they sell the house if they are not the titled owner?
They should've been titled the owner when it was financed with the deed in their name and the original owner holding a lien against the property until it is paid off just like it is done with a normal bank financing situation.
This is a often the problem with Private seller financing. A lot of times the owner of the property does not want to sign over the deed until the property is fully paid off as leverage.
But lien is just as strong. NEVER go into a seller finance situation without getting the deed in your name.
In your wholesale case you will need to look at the contracts that were signed between the original seller and the person who you are buying it from.
You can still do a double closing but you need a title company to sort through the mess of paperwork to make sure it's done correctly.
Got it, thanks for the response
