Debt to Income Ratio for Subto Sellers
Thursday, January 23
Can You Get Another Loan After Selling Your House Subject To Your Current Loan? If you’re selling your house subject to your current loan and wonder if another mortgage is in your future, the answer is almost always yes. As long as you've got a decent credit score, you’ll likely have no trouble q...
Why You Can't Close Creative Deals: Cash, Realtor, and Keeping It
Wednesday, October 18
Cash, realtor, and keeping it. You have to disqualify all three of those things before you have a creative deal. (Note, this is a transcript from one of my REIA speeches.) CASH Until the seller has ruled out cash (a real cash offer that you can deliver on)...The cash has to not work. The se...
What's the Difference Between a Deed, Contract for Deed, Deed of Trust
Wednesday, October 18
The Short Version Deed: Proof of ownership.Contract for Deed: Installment sale arrangement.Deed of Trust: Lender’s security claim to a property.Trust: Legal entity to hold and operate a property. DEED This is a legal document that proves you own the property, it is the ownership transfer document...
Can a Seller Back Out of a Signed Contract?
Wednesday, October 18
Disclaimer: This article is meant to be used as a helpful guide. It is not to be taken as legal advice. If you need legal help with a real estate contract, please contact a local skilled and licensed real estate attorney. Introduction When selling or purchasing a home, both buyers and sellers exp...
Wrap Mortgages Explained
Wednesday, October 18
Wraparound mortgages (wraps) have recently regained popularity in creative finance real estate transactions. Wraps are a form of seller financing in which an underlying lien remains in place (similar to a subto transaction). Wraps may act as a “passthrough” for the existing loan with no change to...