Yes, it can work that way… - Posted by JT-IN
Posted by JT-IN on May 11, 2007 at 12:21:13:
Either an assignment or a whole new contract for deed from the title holder. You can pay the Vendee (buyer in the LC deal) the amount agreed upon, and he can either assign the existing deal or cancel and re-issue a new one to you. Make sure any payment is done simultaneous to new docs, not before.
The only thought here is, what would be the upside for the Vendor (seller in the LC deal), to actually re-write the deal, lower the interest rate, etc…? Doesn’t sound like something that usually happens, without a procuring cause; like $$$ to seller. I would want to fully understand the reason why the Vendor is being so charitable to the Vendee and the new potential Vendee. Maybe he is flush with cash and just trying to help out a friend… but those kind of situations are rare. Be sure you know up front.