All Forum Posts by: Account Closed

No... It was a wrap... After reading all of the posts, I had check... We never do sub 2's... We have done Exact Wraps... But always Wraps.

... But I learned a lot from you guys about Sub 2 and DIL's... Now, solutions... Any?

Oops... Made one HUGE ERROR... It was sold on a WRAP from the seller to the buyer... Not Sub 2.

@Jon Holdman We would never FORGE anything... We do have ethics... That's why we're trying to see how to make this a Win-Win for everyone... We still have a motivated seller with a problem property. We're looking for solutions.

Hypothetically speaking... What if the deed was signed but never dated... How can you tell the difference between a deed from the original closing and one signed today?

Interesting... So, moving on... We still have a motivated seller of this house... What can be done with a property like this... After title has transferred back to the original seller and the tenants are out?

@Wayne Brooks and @Jon Holdman 

What would be the difference in the buyer signing a deed NOW, versus the one he signed at the original closing?

... And maybe colleague is an inaccurate depiction of this guy... We were prior coworkers... Back in my Air Force days.

For some clarification... We put the property under contract and assigned the contract to our colleague. All  of the closing docs were between the original seller and this colleague... We never took title... We only collected a fee from our colleague over a few months.

At closing, the Seller gave a deed to the buyer... Another deed, from the buyer back to the seller, was also signed by the buyer and held with the attorney in case of any default... That's the deed the attorney is about to file. Hope this helps.

Good morning Bigger Pocket Community. We need all of the help we can find to make this a win-win for everyone!!! Last year we came across a 3 bed/ 2 bath, all brick home, in an ok neighborhood, and the seller was about to let the bank take it back. The home is worth about $65k, the mortgage was just under $60k, with monthly payments of $555 (piti). We put it under contract as a sub 2... We always use attorneys, even for sub 2's.... And assigned it to a colleague of ours who was newly separated from his wife. Since we weren't going holding this one, we wanted to insure that the Seller was somewhat protected... So we employed the 'double warranty/ deed in lieu of,' strategy at time of closing -- that's when you have the buyer sign a deed from him back to the seller... The attorney keeps this deed on file and it is not filed at the county unless there is a case of default; it would avoid the original seller from having to foreclose. He paid the seller $2k and paid me $2k on a note, which is satisfied.

A few months ago, this colleague and his wife decided to work it out. So, he moved out of that house and rented the place out... I wish he would have contacted us first, as he obviously knows nothing about being a landlord. Now, the payments are 3 months behind and the original seller has contacted the attorney to file the deed. 

We have attempted to contact this colleague by phone, facebook, and even stopping by his residence... Still, nothing -- which means we have no lease agreement neither. We stopped by the home, which is now occupied by some unfavorable tenants -- from what we can see... Of course, they wouldn't answer the door. The attorney will be filing the deed here shortly... And we're wanting to gather as many suggestions as to how you would handle this situation from here... The seller is still motivated and the mortgage is 3 months behind (foreclosure territory), ~$2,200. The property looks like it may need cosmetics, from what I can see. The property should rent for $700-750/mo. What would you do? There's no idea too crazy... We're open to all suggestions... And A Win-Win Is A MUST! Thanks in advance.