FIRST SUB TO, TITLE CO. WANTS FOR ME TO GET PERMISSION FROM WELLS FARGO TO...

General Real Estate Investing
1

i have a home i took sub 2,

I put it into a trust, and turn around and put it for sale, owner finance,

got my buyer, but now with the new law that we have to give title insurance to my new buyer,

title company is wanting for me to get permission from WELLS FARGO TO TRANSFER OWNERSHIP
OTHER WISE THE CANT INSURE THE PROPERTY.

i really dont know what to do ,

any input…

i am a newbie investor, i have done small flips 3, short sales 5, but not sub to deals,

any one have input, would greatly appreciate it…

and if any one has any questions on short sales, i would be glad to share with you

THANKS GUYS

2

Find a title company who will…

3

MORNING MR. Q

HERE IS THE THING, ITS THE UNDERWITERS WHO IS GIVING THE ORDERS,

MY WIFE HAPPENS TO WORK AT DA TITLE CO. AND BELEIVE ME IT HELPS A LOTTTTTT,

BUT SINCE THIS IS MY FIRST SUB TO, SHE IS TELLING ME THAT THE UNDERWITER WILL NOT DO IT… UNLESS I GET PERMISIION FROM WELLS FARGO.,

AND I DOUBT THAT THEY WILL DO IT…

I AM IN TEXAS, ANY ONE HAVE ANY INPUT AS FAR WHICH UNDERWITERS WILL DO THESE SUB TO DEALS

THANKS GUYS

4

Close through a lawyer or different title company. Try LandAmerica Lawyers title.

A new law passed Jan 1st 2008 requiring written permission from the lender, that is probably why the underwriter requiring it.

5

Can you elaborate on where I can find the details of the new law?

6

http://www.capitol.state.tx.us/tlodocs/80R/billtext/html/HB02207I.HTM

7

When we do a wrap around Contract for Deed, here in Il, we do not get title insurance for our buyer until the DEED IS DELIVERED and that is at the time the buyer completely pays off the contract either with cash or a refi.

Ted_IL

8

If all else fails try contacting Wells and tell them this is your only option other than getting behind and/or possible losing it(if that is the case). Banks right now are allowing this type of transaction due to the market and you might get a pleasant surprise by them saying yes they will allow it. Good luck

9

Hi Ty,

How is this scenario playing out?

10

Hi Ty tecH;

I would love to hear how you did your short sales. Greatly appreicate it if u could provide us with your short sales transaction experiences. How do you do you financing for your closing transaction? Do you get your private lenders to fund your deals? Where do you get your distressed properties from? from the court house? :help

Would really appreciate your assistance with this. :smile

Thanks and looking forward to hearing from you,
ruukie

11

Contract for deed - Land Contract it… or just do a wrap around mortgage… just my opinion… Hope it helps

12

Ty,

Since it’s already in a trust why don’t you do an assignment of beneficial interest? Also, do check with Land America in Dallas, they have some great investor friendly people there.