Posted by eb on January 29, 1999 at 12:20:18:
I have a verbal deal with a homeowner who has no mortgages attach to their property. The homeowner is willing deed the property over to me so I can obtain a new mortgage on the property. I thought this would avoid me having to come up with 20% down.
After I receive the loan I would then give the homeowner a second mortgage on the property
How do I set up the paper work with the homeowner to transfer the property over to me since it does not involve cash. I was told that I couldn’t do this since there is no transfer of $$. Where I would put $ amounts on the contract what would I put?