Subject to deal advice

[Douglas Rice]

I foind a subject to deal I was not even looking for and I have never done one before. Please advise. 13k cash needed to pay past due 37k loan balance. 110k ARV Monthly payment 409 RENTs FOR $1000 owner just needs $1000 to move out first, is this a good deal? second, how do i proceed? Do I just hire a real estate attorney to complete this transaction? Someone who specializes in this type of deal?

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Originally posted by @Douglas Rice:

I foind a subject to deal I was not even looking for and I have never done one before. Please advise.

13k cash needed to pay past due 37k loan balance. 110k ARV

Monthly payment 409 RENTs FOR $1000

owner just needs $1000 to move out

first, is this a good deal? second, how do i proceed?

Do I just hire a real estate attorney to complete this transaction? Someone who specializes in this type of deal?

 Could be a good deal. First put it under contract with a TREC purchase and sale agreement. You probably want to add a Loan Assumption Addendum. Have the seller contact the lender and order a reinstatement amount for 30 days from now. It is not necessary to have the seller tell the lender that you are buying the property. In fact, telling the lender will probably kill the deal.

Find an attorney that does these closings. There are a couple of attorneys in Austin and one in The Woodlands so there must be someone in Dallas, too. Call some real estate attorneys and ask if they do creative financing closings. If they don't know what that is, you've got the wrong guy. Have them set up Title and Escrow. I'd probably have the attorney have the seller sign a disclosure saying that the seller knows what he is doing and believes it's in his best interest. Congrats.