Buying subject to! - Posted by Michael

Real Estate Investing
#1

Posted by SueC on March 26, 2001 at 13:39:39:

Michael you have to check around. The first attorney/title company I called knew exactly what I was trying to do and had no problem whatsoever. Others on the board here have trouble finding anyone at all. Getting referrals from other REIs will help. Other than that, just call. Ask you mortgage broker if they know someone, or your realtor, that’s where I’ve gotten several good leads.

#2

Buying subject to! - Posted by Michael

Posted by Michael on March 26, 2001 at 09:44:49:

Hello all,

My question is since it would be my first time buying subject to, should I just get the seller to sign the P@S agreement and let an attorney do the rest(title search, land trust,etc…)? If so how much should I expect to pay to have this done? I just don’t want to screw the first one up.

Thanks

Michael KY.

#3

Re: Buying subject to! - Posted by Terry (Houston)

Posted by Terry (Houston) on March 26, 2001 at 10:01:56:

Yes get the P&S.

I would find an attorney that knows what you are trying to do. I found mine through other investors at my REI club.

Title insurance varies with the property. A closing goes for around $200 to $250+ title insurance but that is my area.

Get to know your title company. Talk with your attorney and make sure everyone is on the same page.

Also get Cash Cow. That will help you make sure you are understanding what everyone is talking about. It helped me greatly in talking on their level. It will also give you some ideas on structuring the deals.

Hope that helps and go get em!

#4

One more question - Posted by Michael

Posted by Michael on March 26, 2001 at 12:46:55:

Terry,

Did you have your attorney help with your first subject to deal? Also, will a title company understand what I trying to accomplish with me taking property subject to and putting it into a land trust or are most against creative deals?

Thanks

Michael KY.

#5

Re: One more question - Posted by Terry (Houston)

Posted by Terry (Houston) on March 26, 2001 at 14:25:21:

Ditto! Get out and meet and greet! Ask questions. There are a lot that will not know and some that do.

Good luck