Can anyone tell me how to get control of a possible subject to property that I want to wholesale to a investor. The property owner is going through foreclosure and has to vacate the property at the end of the month. He has only lived there for a year and is behind three months, but is a good cash flowing property. The owner just wants to save himself from foreclosure and is not asking for any money.
Have seller meet you at the Notary and have him sign the property over to you with a Quit claim deed.
You can record the deed at the County recorders office for about $25. Now you gotta make up the back payments, or find a buyer that will make up the back payments and put some cash on top for you. Have buyer pay for an Attorney to draw up a contract.
I have also done this with a long term lease purchase that runs the length of the loan. And that contract can also be recorded at the recorders office.
Good luck…
Hi,
You do not want the property quick claimed to you unless you can actually get ahold of the lender and pay the arrears payments prior to the foreclosure date! If the property is quick claim deeded to you and it goes through foreclosure you will have a foreclosure in your name in public records.
From the sounds of it and since you indicated the current owner intents to be out by the end of the month, it sounds like the foreclosure auction is coming up quickly, so if you have a buyer who want’s this and room to make some money act quickly.
If your thinking you can make money speculating on it then the back payments need to be paid quickly and get a escrow / title company to handle the payment, prepare and record a deed and service the existing mortgage, taxes and insurance until a new buyer is found.
Otherwise if you don’t have the cash to invest then stand clear and let this go by the wayside, sometimes this happens and unfortunately you can’t help everybody!
GR