Wraps and Subject 2 - Posted by New Investor CS

Posted by Ken on July 05, 2008 at 09:31:33:

You are correct.My experience is that it is usually less financially sophisticated sellers who are willing to let you do this.They usually have little money so they can be influenced easily when no realtor involved.Usually i can get them to not use an attorney and we just close at my title company as quickly as the title is done.

Wraps and Subject 2 - Posted by New Investor CS

Posted by New Investor CS on July 04, 2008 at 21:42:37:

When making offers using wraps and Subject 2 for financing, how do you obtain the current mortgage information to structure the offer?

Public records? I have to imagine most people will not just hand it over.

Any other info regarding buying properties using a wrap or subject 2 would be appreciated.

Thanks!

Re: Wraps and Subject 2 - Posted by craig

Posted by craig on July 06, 2008 at 20:24:06:

sub2 deals .com

Re: Wraps and Subject 2 - Posted by DP

Posted by DP on July 04, 2008 at 23:11:26:

Just ask the seller. I’ve only had one seller ever refuse to give me their mortgage details. All you have to do is say: “If I’m going to take over your mortgage I’ll need to know what the current balance and payments are.” 9 times out of 10 they won’t even blink.

Re: Wraps and Subject 2 - Posted by Ken

Posted by Ken on July 05, 2008 at 05:52:33:

The motivated sellers will give you that info no problem.I get the most recent bill from the bank that tells you a lot and i have them sign an authorization form giving the bank permission to speak to me,that way i can verify everything and later when i own the house i can get payoffs etc

MLS listings - Posted by New Investor CS

Posted by New Investor CS on July 05, 2008 at 07:35:13:

It seems like this sort of purchase would not work well when making offers on properties in the MLS. Listing agent would probably interfere when asking for mortgage docs.

Probably best used for properties obtained by networking, direct mail, etc. correct?

Thanks for your replies!

Re: MLS listings - Posted by DP

Posted by DP on July 05, 2008 at 18:59:21:

Sellers are sellers regardless of how you find them. But you’re right about the listing agent interfering. So if you want to buy a listed property just contact the seller directly.

And I disagree with Ken, sellers do not need to be unsophisticated to want their payments off their back. All you need is a seller who’s thinking about renting their house out if it doesn’t sell.