Posted by Nate on March 21, 2001 at 19:09:29:
I would add, even if you decide to give the seller something, CERTAINLY don’t pay him a dime until you get those other liens reduced…you may need his help in doing so and will not get it unless you have a carrot to hold over him…
Need Help Getting the Deed - Posted by Steve
Posted by Steve on March 21, 2001 at 14:29:32:
Situation:
Where seller home is over leveraged & ready to a walk away from their home and wants very little or no money. There are liens on the home that I plan on trying to negotiate down. There is a 1st mortgage. The seller is willing to deed me the house for $250.00. What process or forms do I need to go through. Do I use an agreement for deed? What do I do (Forms? In NC). I am looking to get the deed NOW. I will risk my $250.00. I know this might sound pretty basic but this seems to be confusing me. I want to bypass the P & S agreement and get the DEED. Thanks in advance.
Re: Need Help Getting the Deed - Posted by eric-fl
Posted by eric-fl on March 22, 2001 at 14:56:13:
Why would you EVER not use a purchase and sale agreement? So the details of the deal can be totally nebulous and he can come back and sue you in two years, when he’s back on his feet? Plus, you need to, at the very least, do a title search before you go off recording deeds and such. Here’s what I would do if I were you:
Get a contract signed, with a short window if you want, but it doesn’t really matter. No seller ever objected to closing early, that I ever saw. Put in a due diligence clause so you can back out if needed.
Order Bronchick’s “Cash Cow” course. It costs like $295 or something, and has all the forms and instructions you need, and there are quite a few for this. You have a deal IN HAND, so I would think the expense would be justified.
In the meantime, AFTER the contract is signed, search the title, and start contacting lien holders to negotiate potential discounts.
Get overnight shipping on the course, and then follow the instructions for getting the deed.
Re: Need Help Getting the Deed - Posted by dewCO
Posted by dewCO on March 22, 2001 at 11:45:23:
You get the deed by using the P&S agreement and getting them to sign the deed over to you! No need to by pass the P&S agreement.
Re: Need Help Getting the Deed - Posted by Terry (Houston)
Posted by Terry (Houston) on March 21, 2001 at 17:27:17:
Well if you sold it through a Realtor what would you have to come out of pocket? If you sold it yourself what would you have to come out of pocket? How long would you STILL be making payments doing it that way?
With all of this answered do you see why I cannot give you $250? That being said I will CONSIDER doing this transaction as long as we understand my payments on the loan begin when I find a buyer.
When I get a seller that has no equity and they get crazy like that I show them why I cannot give them money.Be careful with no equity homes and know your market.
I get the P&S first. All the other docs later. If he is that motivated and you know what you are doing get the deed as well as the other docs but don’t overwhelm them. POA etc…
Don’t file the deed until you know you have a workable deal with the liens and releases from the liens.
You are working on a hard one so mind the P’s and Q’s before you file the deed.
Good luck and let us know how it turned out.
Terry