All Forum Posts by: Grant Kemp

Jon, he's asking about "subject to" though, so I think that means he's not looking to borrow and pay off the existing loan. I may just be misunderstanding your answer though.

In the case of Subject to contracts where you plan to keep the underlying mortgage in place, the amount still owed should be the "loan balance" listed on their statement, no the payoff amount.

when you say "in the contract" which contract do you mean? You're going to have a contract to "buy" and then a contract to "assign" to your end buyer. Basically one contract gets it sub2, the next has the end buyer sign saying they accept all the terms you and the seller agreed on.

I know my contract with the seller also includes disclosures saying that I will be looking for someone else to take over this contract, and that I will be doing so for a profit. It limits liability in the long run. My contracts were all prepared by a local RE lawyer, you should probably look into doing the same.

Looks like we got our buyer and will close on wednesday. Scott brought me this buyer through his marketing chanels (a THREE DAY TURNAROUND?!?! This I could get used to!)

I'm still interested to know what people's most successful marketing strategies are. I always love learning stuff like that.

actually yes, it is Scott. I spoke with him earlier and he will be marketing this to his buyers to see if someone is interested. I'm learning a ton and enjoying the ride.

P.S. I got the house under contract tonight, so now we move to getting someone in the house. Should hopefully be the easy part, it's in great condition and very livable.

haha, by no means did I mean I would have it sold by tomorrow, I meant I would have the sub2 contract signed tonight or tomorrow with a 30 day option period to allow me to find an end buyer. I may be delusional...but not THAT delusional :-p

yes, the seller is very aware. I'm working with a local real estate lawyer that does this a lot and using all of his disclosure forms and such to keep everyone totally in the loop.

My question is more "how do you find the end buyer"? I'm fairly confident I will have the house under contract by tomorrow, and am looking for what y'all have done to get buyers in there quickly?

I am close to getting a house under contract sub2 and will be going out and trying to sell it in a wrap around financing situation. What strategies have you guys found successful for finding end buyers? I already plan to post adverts in posltets, but don't have much to go from outside of that.

Agreed. And I'm not scared to death of it, but this will be my first transaction, so I need to do my due dilligence and do everything in my power to keep it from being called.

You guys are great, thanks for the help.

geez, I'm sorry. I try to search for stuff before posting, but just realized that I had wires cross in my brain.

I had searched and found nothing for "Investor friendly Dallas insurance"...then I posted this question with the "well nothing came up" in my mind.

Sorry about that...

My understanding is that if you're the "also insured" you are second in line for any claim checks. If you make a claim, then mortgage owner would be the one who got the check.

This may be good if the mortgage owner would play ball and provide the money to me, the homeowner, but you can never be sure.