subject to & escrow/trustee - Posted by pete

Posted by Terry (Houston) on March 10, 2002 at 09:23:33:

Can these things be done? Yes. You can do that all day long.

But why? Where is your control? Read the post that Joe Kaiser made a few subjects down. Get on board with the seller. Get them comfortable. Set their mind at ease that you are a great person.

Let them vent as to why they are in the situation they are in. Lost job, darn realtor couldn’t sell it, going through a divorce, medical bills, whatever just let them talk and show empathy, not sympathy. Let them talk their way out. Try to relate with situations you have been in that are similar. Remember this should be a conversation, not a out-talking contest. Hear what they are saying with a “Listening Ear.”

You will be surprised to find yourself picking up what they need, not what you think may make them more comfortable.

A few of the subject to deals I have done, the only money I gave was a little moving money. And my Company Policy would not let the deed be escrowed. We needed to hold it in trust. Truth be told, with the back payments or repairs needed, it did not make sense to give out money.

In the deals where the credit was good, still a big equity base, I did not give a lot of money up front, and always got the deed. Why? I wanted to keep control of the transaction. One ay to do that is to Get On The Same Page with The Seller.

Just as I see it…

Terry (Houston)

subject to & escrow/trustee - Posted by pete

Posted by pete on March 10, 2002 at 08:52:05:

To put a seller more at ease in doing a “subject to” deal, in addition to a down payment, can the deed/title be held by a mutually agreed upon trustee or put in escrow until the buyer has fulfilled payment obligations to seller? thanks