Posted by michaela-CA on July 08, 2007 at 15:37:14:
Ahem…the buyer would get a warranty deed, the mortgagor would get a security deed.
Michaela
wrap sell - Posted by Sam
Posted by Sam on July 08, 2007 at 10:55:05:
I have a private investor willing to loan on a property. I want to sell owner financing since i have 12 months and get long term gains. I don’t want to use a contract for deed since it would be a judicial foreclosure.
If i use a warranty deed to my private money guy, how would that work if i did the same to my buyer? How would that work if i had to foreclose? I know the actual foreclosure process, just not how to handle the security instruments having 2 warany deeds on the property.
You with me… ?? - Posted by David Alexander
Posted by David Alexander on July 09, 2007 at 03:39:44:
If the CFD requires a Judicial foreclosure then it would be my guess a wrap would as well…
But, regardless… you private money put’s up the money and get’s a note a deed of trust… and you sell on a wrap note and deed of trust around the underlying…
Or if you want to get really advanced… Your private money buys the note or a partial on the note that you create at closing…
Or still even more advanced… you create a note at closing and then use that newly created note as collateral for the money you get from your private money guy…
My guess is… if your asking the question stick to option # one as you can get any title company to create that for you…
Re: wrap sell - Posted by Kristine-CA
Posted by Kristine-CA on July 08, 2007 at 17:22:50:
Michaela’s advice is specific to certain states. Here in CA we don’t
typically use warranty or security deeds. Grants deeds are used to
convey interest, trust deeds are used to secure the promissory note.
Please post your state/location so others in your area can answer
specifics. The kind of wrap you are talking about can be accomplished
here in CA by an all inclusive deed of trust. Kristine