Posted by Glenn-OH on May 22, 2000 at 07:58:01:
Jim
If you use the PACTrust, it is simple.
- Current owner changes insurance from homeowners to landlord insurance.
- I would use the PACTrust because of stronger protections.
- No, sign the agreement, and start the paperwork. Make sure the mortgage holder knows the amount in arrears is coming within x days,and make sure that they will not accelerate before the closing. Just make sure owner is out before closing, to simplify matters.
Glenn
A few questions before attempting my 1st deal - Posted by Jim LaVerdi
Posted by Jim LaVerdi on May 22, 2000 at 01:25:56:
I have a house that owner contacted me about buying. She is behind on payments and is practically begging me to save her credit! I need a few clouds cleared before I feel completely comfortable. I will take subject to, and the following are my concerns.
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Insurance on the property. How do I buy it and… (How do you hide this from the lender?)
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Should I avoid the Land Trust because of the pending foreclosure?
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Should I have the seller out of the house before signing the sales agreement? (She needs to move but not ready for maybe 3 weeks)
Thanks for the help!
Jim LaVerdi
Re: A few questions before attempting my 1st deal - Posted by Ben (FL)
Posted by Ben (FL) on May 22, 2000 at 14:08:44:
To add to Glenn’s excellent suggestions:
I don’t know anything about PAC Trusts, but if the current owner did change the poilcy into a landlord’s policy, she could also add your Land Trusts Trustee’s name and beneficiary as additional insured’s.