Contracts and Offers

I have a seller who wants to get her payoff out of their house. they are moving into a larger house and they cannot have 2 houses in their name. Therefore, they cannot do an owner finance or lease option. Their payoff is $99K and the FMV is $105,000. Would the best scenario be to do a subject to and then quit claim to the buyer's name? Would I have to find out if the mortgage is transferable first? Any help would be much appreciated!!
Shirley

We are using Dean's contract to rent out our new house we just purchased - to close at end of month! Can anyone explain what this means please? It's under #5-Discount:
"Discounts lost due to a maintenance call during the month will be added to the next month's rent due".

We are using the discounted rent if paid on or before the 1st of month but can't understand how this sentence ties in.
thanks for feedback
Eva
eiginvestments llc

Hello All,

I'm a new Investor trying to get my first deals done and would like some help.
So here is the deal. I have to deals I want to make. One is with another Investor that has a property currently under contract closing on the 30th. Now I have a couple buyers interested but Im not sure how to go about it paperwork wise?
And I have another one through a real estate agent who wants to work with me but im not sure how to go about that one either. I new to this and just want to make sure I am doing it right before I start sending out the wrong contracts etc.

I've been searching for the answer to this question. I have a buyer who is determined to know the ARV of a property. I have the comps from a realtor but I don't know how to come up with the ARV using the comps or if you even use the comps to figure it out. What's the formula? Would a realtor be able to tell me the ARV? Thanks in advance

Chanda

Someone recently had a post about how she handles the EM deposit and that she gives it at the end of inspection or something to that effect. Can anyone help me find this information? I remember copying it, but somehow cannot find it. Thanks for any help. Tammy

I want to make an offer, but I want to assign the property. I however worry about how my end buyers will see the property and what I tell them and my seller that I have the contract with. What if I have several buyers wanting to see the property besides the pictures that I will provide them. This is bound to cause problems? How do you resolve this type of problem without the homeowner calling foul? Thanks, Tammy

I had to withdraw my offer on a property that I was not able to assign. I did this on the last day of my inspection period. I had shown it several times, but there was a hole in the roof near the flashing and it was obviously leaking from that spot in the living room after we had some heavy rains. The first time it was not really obvious that it was leaking although there was evidence of a previous leak.

My REA forwarded me an email from the listing agent asking my reasons for not buying the property since I did not have an inspection done. I thought I was covered with the contingency "upon buyer's approved inspection". What do they need me to say? That the roof was leaking and that it was going to cost too much???

Shirley

I'm trying to use Matt Larson's technique in puting in offers. My real estate agent just told me that I can't even put an offer in without having a pre-approval letter from a bank or having cash at hand. How is Matt doing this??????? He says he has been investing in real estate for 20 years. (My agent has) How can I do no money down deals? I"m in IL, if that makes a difference.

seems there are various ways around, such as having two insurance policies, because it is said that generally the lender does not know until the insurance company notifies them of a change in ownership. I've heard about trust, but that is said that it could be considered mortgage fraud, so if I am trying to buy subject to, and then lease option to an end buyer what should I do about the risk of a due on sale clause. Let the lender know? Do nothing? Carry another insurance policy, wondering what others are doing?

I am thinking about doing a subject to, but don't really see that form in the docs section. Help anyone? Tammy