Posted by Marcos on September 17, 2003 at 17:28:48:
Actually I got a bunch of documents.
A Deed that I hold in Escrow.
Power of Attorney
A mortgage from the seller to my company
An agreement that states all of the above.
I don’t want to have to file the deed. But, it’s there if I need it. Typically I just sell to the buyer with the POA, and my proceeds come out of the mortgage. No muss, no fuss.
It’s also protection against any judgements that might attach after our agreement. I would just file the deed, and proceed to foreclose, thereby wiping off the judgement.
Re: Taking Property in Company Name!!! - Posted by Marcos
Posted by Marcos on September 17, 2003 at 13:33:07:
What worked for me on this one property was NOT to get the deed. Instead I got Power of Attorney on the property, and a new mortgage covering every bit of equity left on the property. That way I never went on title, yet I had the right to “sell” the property. And all the funds went to pay off my mortgage, not to the “owner”. Make sense?
House worth $70k. First of $32k. Gave the Homeowner $1k for the house. I put on a new mortgage for $50k behind the $32k first. Now I have POA, so I can sell to whom I like, and pocket the difference. I can also foreclose off any liens that might pop up behind my position.
While not exactly directly answering your question. I hope this helps.