Posted by dewCO on August 12, 2001 at 11:53:53:
I’m not Ed, but you’re basically right. (It’s QUIT claim not quick claim, even though it is quick!)
What you are describing is a wrap. But you can’t leave it in the original owners name. Once you record the deed it’s in your name, or the trust’s name. You find a buyer at a new purchae price and higher interest rate maybe. If you can and it makes sense. Is there enough room for a buyer to pay a higher interest rate and still feel like they have a deal? If not you need to figure another way to do it–if there is money in this deal. Usually you want equity in this deal to start with—in other words the loan you are agreeing to take over and pay is much less than today’s market value.
And you need to be prepared to step in a make the payments if YOUR buyer starts to studder and not be able to make them regularly.