I’ve been visited by an “investor.” Of course it feels like (& it is)
“making $$ off someone elses’s misery!” I’m about 25 days late on
the mortage, taxes, blah blah blah. The good news is, I’ve got an-
other home which is current. I’m not homeless!
My general question: I’ve never dealt w/an investor before. I did as
much due dilligence as possilbe. Bottom line is, if I do this (& I have to
decide in the next 24 hrs and pay a late mortage or it won’t happen),
IS IT WORTH IT?
They get the house (which I’ll lose to foreclosre if I just walk) & make
any profit there is to make (not much at the moment)
I keep my good (GREAT) credit if I deed it over to them (& maybe
use my credit to get another house I CAN SELL!!!
I realize most on this board are investors or potential investory (& it
looks like a great business to be in!) - but your experience is appreciated.
You do not want to deed your property to anyone!!! Not now, not ever!!!
(You are the party on the mortgage loan, deeding a property does not relief the mortgage and can (Probable Will) ruin your credit as you no longer have control over the property, but if not paid it goes to foreclosure anyway and any deficiency judgement would be against you as the mortgage borrower.)
If an investor is talking to you are they:
Buying outright and getting new mortgage with down payment to close in 30 to 45 days?
Are they talking about Leasing with an option to purchase?
Are they requesting a contract for deed?
Are they talking buying and assigning to new owner occupied buyer?
Are they talking about taking your property over subject 2 (Sometimes called a Wrap).
You need to be somewhat careful, but a legitimate investor will explain the transaction and be willing to use an escrow and will not seek to have you sign over your deed!!!
My next question would be, how do you do a deal w/out signing over
the deed? No way to do it! I’m still on the fence here.
Thanks
PS By the way, the “investor” is on the up & up, no question in my
mind, as are other involved parties. But being anal retentive, I had to
do as much research as possible.
Ok, first of all I will quantitate my first post. The way you worded it made me believe that some unscrupulous party was trying to convince you to sign over your property to them and they will "Handle It"! There has been a lot of good people who have lost there homes and lost the equity in there home by "Signing over the Deed" without legal agreement or payment!
With that said you abviously sign documents and a new deed is established with terms and conditions and a potential note. Yes in order to sell your property you have to sign over the deed, but this is done in a professional manner usually with a title or escrow company. If your buyer is insisting to do the documents themselves, then have an attorney review the documents and agreements before signing!
The type of deed signed is dictated by the agreement terms and conditions, see a professional escrow officer or attorney to define the specific note and deed?
That sounds more realistic. I can read between the lines. This indivi-dual is, in my estimation completely on the up & up. I have decidedd at this point, to not go for it. I wish I had known about this 6 months ago. Would have been a different story & I would happily have dealt with this person.
I’m staying on this list, as well as doing more reading, etc. This looks to me like a great way to make a living - at any age (if you’re willing to work @ it).