Who to buy from? - Posted by pj

Real Estate Investing
#1

Posted by Nate(DC) on March 23, 2002 at 24:12:05:

Your instincts are correct. The seller (CFD vendee) cannot convey the property because they do not have legal title. You would need to approach the CFD vendor and either assume the CFD or have them draft a new one with you. You do not need, or want a deed from the seller/vendee because they do not have legal title and a deed from them would have no effect. It’s like if I gave you a deed to that particular property. On record, I don’t own it, and neither do they.

NT

#2

Who to buy from? - Posted by pj

Posted by pj on March 22, 2002 at 22:51:20:

I am confused how to approach this possible deal and any help is appreciated. Seller/vendee has a contract for deed and is behind a couple of payments to vendor. Wants to sell, but if she doesn’t have title, how can she transfer property? Do I need to buy the property from the vendor who does have the deed, getting a quit claim deed from vendee? I’m going in circles, but maybe I’m making this more complicated than it needs to be!

#3

Re: Who to buy from? - Posted by Brent_IL

Posted by Brent_IL on March 23, 2002 at 07:18:12:

Treat this like you would a foreclosure; give the resident seller moving money in return for curing the default. However, only do this after you have the written permission of the title owner to assume the contract. You may have to sweeten his terms to get it, but initially don’t offer anything more than bringing the note current.

If the seller was amiable, I’d try for a straight buy with the same terms.