newbie has 16 sub2 questions

  1. Is the only doc we get with the Purchase agreement the authorization to release? What other doc(s) do we need to get?

  2. When do we have seller fill out the property condition disclosure form— at the same time the purchase agreement gets signed or at close?

  3. Having received a property condition disclosure from the seller, can we give a disclaimer to our buyer, since we’ve not ever lived at the property?

  4. Do you ever show a house to a prospective buyer/TB before the seller has vacated, or do you wait to start marketing?

  5. How often will the lender allow deferment of the back payments? And when they are willing to defer, what type of arrangement are they most likely to accept, i.e., adding the back payments to the principal, or delaying them for 6 months, etc.?

  6. Any tips on what to say to get a better arrangement on the arrears/next payment due?

  7. Does the lender ever require verification of the seller’s current financial situation before granting a forbearance?

  8. Do you find out what the lender will do for you regarding deferring payments /before/ the seller has vacated?

  9. Exactly what do you say to get them out and how long do you give them?

  10. Ideally, as investors, we would have a good period of time to market the property while it is vacant, and with no payments due. How do we make this happen?

  11. Does the seller get a copy of the trust deed?

  12. Do they get a copy of the assignment of beneficial interest?

  13. If you were buying a sub2 assignment from us, what docs would you want to have blank copies of (signed by seller), if any?

  14. What are you looking for in buying a wholesale deal? Is there a minimum amount of equity you need or any other specific criteria?

  15. Would you buy a sub2 from us if you had to make payments while you were trying to find a buyer?

  16. Do you follow through with a deal in which the lender will not allow you to defer the arrears?