Make Sure To Use The Right Paperwork! | Subject To
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- เผยแพร่เมื่อ 3 ต.ค. 2024
- At a recent meetup in Idaho, Pace Morby breaks down a faulty wholesale contract for a subject to transaction. He gives us a run down of basic creative finance legal disclosures and what you need to include in your wholesale contract, including things like whose name remains on the mortgage and how to handle a due on sale clause being called.
NEVER do creative finance without the proper paperwork or a TopTier TC handling it for you!!! If you are a wholesaler, learn how to run this business properly!!!
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❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a TH-cam video for entertainment purposes ONLY ❎
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25yr Managing broker for Re/Max, Berkshire, & others. Points he mentions is SPOT ON. The only sub-to method I'd recommend. Top tier
This video is the reason why I like your video, books, etc, Pace. Honesty and integrity. Making sure everything is legit, straightforward, etc.
Glad you enjoyed! Thanks for being here!
He is like mastermind that he will list all of it after a look
GOAT Status
Pace is the .Albert Einstein. Of Real Estate 😊
Pace is the creative mastermind of this century!
Awesome video! Understanding contracts is super important, especially in creative finance deals. Learning from real stories like this helps us avoid problems.
PACE IS A BEAST!!! AT WHAT HE DOES!! THE BEST!!!!
Such an informative video Pace! And yes... that contract was definitely Ripe For Litigation 🔥🐊
Yes it was! I will be using that one for sure
yes, proper paperwork means peace of mind in the future☝️
And THAT'S the truth.
Sounds like an expensive headache when the banks call the loan due and you have sold the subject-to property to a buyer. You then have to arrange a new loan and pay the original bank loan off. If not, then all parties will lose any money invested. Some banks do call loans due at some point in time. No, thank you on buying subject-to deals.
There is so much u r missing. That’s why Pace is the creative king and Subto makes great sense when u do what Pace does.
If you sold the property to a buyer that's no longer your problem. If the buyer is buying subto they understand that's part of the game. That's why you have to honest with the seller so when that time comes they understand and then you're just deeding the property back and doing a land contract or contract of deed as he mentioned
It happens from time to time, you just need to know how to handle the situation. I have a whole playlist on it called "Due On Sale"
whats the best way to offset this? to have a real estate lawyer review the contract?
Can you answer a quick question for me?
What is the actual purpose for a TC?
I know they do paperwork and stuff but what if they mess something up? What's my recourse?
I have a TC sent me a contract but most just reads like a hold-harmless agreement and doesn't seem to offer any promises that they'll actually do everything I thought they are supposed to to to ensure a safe transaction.
Am I wrong...?
Thank you for your time
The TC handles the paperwork after you do all the work with the numbers and everything. They coordinate the deal to the finish line. You should have your own contracts, not looking for one from them! It's good to have an experienced TC who may be able to spot an error but not necessarily putting your deal together for you.
@@tdopero9187 not realy what I asked, but thanks
@@tdopero9187let’s say you don’t have access to the proper contracts, can you use a regular wholesale contract, write in “subject to existing financing” into additional terms, and hire a TC coordinator to get all the proper paperwork and addendums filled out for you? If we can handle it this way, then wholesaler just needs to make sure they let the seller know that their “TC” will be reaching out to fill out additional forms needed to complete the transaction
@@JoseJose-hl4uhwell I guess that’s exactly what this guy did with his contract and as you can see there are a bunch of things missing . This contracts are very important. You can’t just wing it and hope that everything goes right .
How. Cam. I. Get a free sub to. Contracta
Squad up with my students in the free Facebook group paceapproves.com/freefb-ytc
Who is dead… bro
The Wholesaler got this under probate. The "seller" in this case is the one dead. This contract is messed up though. Verify the wholesaler and the contract before you move forward. If not you are SOL lol
@@victorgomez6942 I know brother… I was just in so disbelief that I repeated it…. He actually didn’t even have a valid contract because the agreement wasn’t done with the personal representative of the estate… at least here in az he wouldn’t have.
how can i join your class sir?
Hey bro! You can join the waitlist for Subto here paceapproves.com/subtoytc
Bro…. You gotta be joking
Crazy right?!
@@PaceMorby f nuts. Literally typed out his thoughts for terms and expected it work. Zero clue this actually happend