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- เผยแพร่เมื่อ 22 พ.ค. 2019
- Did you find a great deal that works as a subject-to or seller/owner finance? Do you have the right contracts? In this week's video I explain the two TREC addendum's available for these options.
Simply visit emersonpropertymanagement.com... for a FREE copy of the filled out TREC contract! You can also visit the TREC website www.trec.texas.gov/agency-inf... to download all the Texas state contracts.
Enjoy!
Note: I'm not an attorney and I don't play one on the interweb!
this is so real. real relevant information. i havent seen this anywhere else. thank you.
Glad it was helpful!
Thank you so much! I got a subto deal and the escrow stuff was confusing tf out of me. Thanks so much!
Happy to help! Congrats!
90 % of loans aren’t assumable
And the whole reason to buy subject to is to bypass credit checks and lender approval. Just use the trec 1-4 and the special provisions box.
Alerting the lender is going to trigger the due on sale clause
Ok seems you can use the loan assumption addendum but the attorneys at the the title company will change a lot of the language on the addendum or just go to an attorney that knows what he’s doing and have a contract written up.
Great video I learned something new
Hey John,
Are you still closing deals sub-2?
Thank you for this and giving the forms with opting with a email. This info is gold. Appreciate you!
Without ***
You're so welcome!
great question find a mentor or coach in your local area learn and earn bring value to him or her
Exactly!
I am selling a subject to, but I have an FHA loan, Do I add the Mortgage FHA insurance to the seller's monthly installments?
I would. They're taking over your payments and that's part of the payment.
Always Awesome Content. Always
Thank you!
So for a Subject to deal, when filling out the TREC contract do we enter the full mortgage balance as the purchase price or the balance we are reinstating for the seller as a Subto?
Great question! I would put the outstanding loan amount under 3B and then any cash directly to the seller under 3A.
Note: I'm not a real estate attorney.
Using Seller Financing Addendum Where to include the HOA to be responsibility to pay dues and follow restrictions ?
In Texas there's a separate HOA addendum
How do we add a ballon payment clause to the contract.. Is it not necessary?
Good question! I haven't had to add the verbiage to my addendum because the contract stated want would happen at the end of the term. I think if you review the contract, you'll see you'll be covered for most situations. Best of luck!
is it possible to structure a seller finance deal like a lease to own deal. Could you share any example of how you can do a short term seller finance deal like pay you montly and after fixing up the house, you can pay seller the remaining balance
Have you checked out my other video th-cam.com/video/XcF0V5CpZlg/w-d-xo.html I think that would help answer your question!
What about #4 prior liens?
What about it?
Thank you!
Happy to help!
Howdy! Great video as always! I have a couple subject 2 deals coming up (first ones ever) and this really helped.
In the scenario you described in the video will the deed transfer from the seller to the buyer? Is this a way to avoid the due on sale clause being triggered?
I have been told to use a master lease stacked with a lease option agreement. Any advice will help!
Hey Justin, unfortunately, there's no true way to avoid the due on sale clause. But the odds of it happening are extremely low!
I have a situation where the bank is financing a set amount and the remaining amount is going to be paid in cash to the seller once the buyer sells their property. Would you use the seller financing contract for that separate amount being paid directly to the seller?
This is an interesting question. I'm not a real estate attorney. I would contact an attorney and/or speak with a reputable title company.
Thank you
Did it help you Justin?
If I want to offer 10k to the seller to walk away for my client to subject to and the buyer(my client) wants to pay a service to take over the mortgage do I even need a seller finance addendum?
Good question! If I understand you correctly, yes you'll still need the contract and the addendum to close so your client owns the property. Then your client can hire a loan servicing company. Hope that makes sense!
Can you buy on a wrap around mortgage if the seller still owes on it, then sell it on another wrap to an end buyer?
Yes! I've done this once
How are payments kept up to know how much you have paid each payment and what went towards what?
The amortization schedule or using a RMLO. Sorry for the late reply!
Would the contract be excepted by my N.C Tax Attorney ?🤔
That would be a good question for a local attorney!
do we still have to fill out TREC 1-4 and the addendum and take both paper work to title?
That's how I've always opened title. What other way did you have in mind?
Where can I get some contracts?
Simply visit our website at emersonpropertymanagement.com/free-guides. They're all free!
@@emersonpm thank you so much!
@@pberggre for sure! Happy to help!