Looking for sample wrap around mortgage addendum or agreement (used in Texas)
Anyone in the DFW area buying houses regularly via a wrap around mortgage? I am looking at a potential opportunity (off market response to letter) where the seller would consider financing with his note in place for a 7 month period (seller out of state and wants to be done). I would like to tie up the property before someone else then conduct further due diligence. Based on initial assessment and discussion with seller, I am looking at this as a potential flip (again, need to gather more info). I have not purchased a property in this manner before.
For you Realtors, would the TREC 1 - 4 and Seller Financing Addendum be sufficient to tie up the property in the interim?
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BTW I think that's a great strategy for flippers assuming it works - instead of paying for hard money, negotiate with the seller to take over their existing financing for the 6 months it takes to finish the project, then pay it off on the resale or refi.