Okay I’m familiar with how to buy a property Sub2 in a mortgage state like FL, where the borrower/seller holds title to the property. But how do I put together a Sub2 deal in a Deed of Trust state such as CA where title is held by the trustee? Do I need to go through the Trustee to close the deal or can I just do a deal directly with the borrower/seller, who doesn’t technically hold title to the property?
Your confusing Deed of Trust with a real estate trust.
If you’re buying a property subject to the existing financing, the owner (trustee) simply delivers to you a notarized Grant Deed. It’s no different than Florida in that regard. The way Florida and California secures notes may be different, but not the way deeds are conveyed.
Your confusing Deed of Trust with a real estate trust.
If you’re buying a property subject to the existing financing, the owner (trustee) simply delivers to you a notarized Grant Deed. It’s no different than Florida in that regard. The way Florida and California secures notes may be different, but not the way deeds are conveyed.
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How do you define “owner” as used in your above statement?
javipa, you obviously have no idea how a deed of trust works. The trustee is not the “owner” who took out a loan to buy the property, but a third party (typically a title co.) who actually holds title to the property until the loan is paid off. Therefore it is likely that additional steps are required to conduct a Sub2 transaction in nonjudicial states where a Deed of Trust is used.
That being said, is there anyone out there with experience closing sub2 deals in deed of trust states who can chime in on this?
That’s a rather fresh response for someone trying to get free advice off a discussion forum, rather than just looking up an attorney.
I live in Southern California and know precisely and accurately how to do a subject to deal with either residential and commercial properties using either/both a land trust and an agreement for deed, and I’m completely familiar with the foreclosure requirements and liabilities to the seller and the buyer in each case.
I may have misunderstood your question, so please accept my apologies. Meantime, I did the best I could.
Now, you can find someone else willing to waste their time with you.
Blah blah blah… in other words you’ve never actually done a sub2 deal in CA or probably anywhere for that matter. But you’re quite sure sure that the Carlton Sheets course you picked up on ebay for $20 makes you an expert on the topic. Riiiiight.
Well, you would be wrong (on all counts).
:beer
Good luck.
Love the attitude. Someone’s trying to help you, meanwhile you’re telling them how stupid you believe them to be.
Smooth move…are you one of the Montelongos?
This is just toooo funny. Why get on here and ask for help and then talk smack. People never stop amazing me.