Got first deal - need help !! - Posted by Andrew Patel
Posted by Andrew Patel on April 24, 2002 at 23:16:45:
Hi…got first deal in CA. Value = $608K Only Mortgage $480K. Seller wants out and wants his payments made. Behind $15K.
a) Seller will give the deed to me. I want to open a trust, name our corporation as a beneficiary and myself as a trustor.
b) GEt the deed, Take over payments, negotiate the $15K to be rolled into current mortgage and pay over 12 months through the current seller.
c) Seller has agreed to inform insurance company and first mortgage holder about the trust. I have discussed trust name to be Mr. and Mrs. Seller Trust
d) I am putting an ad out this sunday or next week to Lease option the home.
e) I will use Le Grande’s forms.
a) I am in california and since the rules here are so different can someone advise me what “amendments” I need to get?
b) Do I still need to give the seller some option deposit if they have agreed to give me the deed?
c) Any other advise apart from CREonline postings about due on sale clause?
I thank you all in advance for helping me.
I have just lost my job and I got this deal yesterday. I think God must be trying to tell me something.