Ok, I’ve taken some time and read the articles that I could find on SS, and I just have a couple questions. I’m new at this, so if they are obvious answers, I apologize, and thank you for your help!
First, you find a decent property for a ss, lets say zero equity due to 2 morgages that total a market value of 200k. The owner just wants out, and you get him to sign an authorization for release, and a contract to purchase for 130k, which is what you plan to offer the bank. After some negotiations, the bank accepts 145k, with the provision that the owner is not responsible for the difference (by the way, how practical is it for a bank to do this, and how often does it happen? How would one negotiate such a stipulation?).
You have lined up a buyer for 190k. So what is the next step? How would you close this deal? Do you use a title company? How do you keep the parties (buyer, bank) seperate, but transfer the goods (money, deed)?
Thanks for your help!