Take Sub2 and then Seller Finance

[mtnwizard]

Newguybob,

Don't pay attention to those boobirds behind the curtain.  The subject is insurance.  Leave the existing insurance in place if it is landlord coverage: if not, convert to landlord coverage in the name of the borrower of record. Homeowners Insurance will not cover a non-resident after 30 days of vacation. Best of luck to you.

Da Wiz

Bobo - I don't drum up business here, I just educate.  My business is all by referrals.  Thanks for your concern and have a great day.

[BoboTheKing]

Newguybob,

Don't pay attention to those boobirds behind the curtain.  The subject is insurance.  Leave the existing insurance in place if it is landlord coverage: if not, convert to landlord coverage in the name of the borrower of record. Homeowners Insurance will not cover a non-resident after 30 days of vacation. Best of luck to you.

Da Wiz

Bobo - I don't drum up business here, I just educate.  My business is all by referrals.  Thanks for your concern and have a great day.

GREAT POINT, the subject IS insurance. Maybe you should have considered this in a previous post where an insurance question somehow turned into another point on trusts. You could have given this answer when he first asked about it.

[OlympiaHomeBuyer]

Does anyone have a Word or Adobe file for a Purchase and Sale with a Sub2 clause? I know I am changing the subject, but I was hoping to get an electronic verson of a P/S hopefully with a Sub2 clause.
Thanks,
Ryan

[NoMoneyDown]

You don't need a Sub2 clause per se - just add a line in the Purchase Price column saying "Subject to existing loans".  Bronchick's "Flipping Properties" book has a good example.

[OlympiaHomeBuyer]

Then maybe someone has just an electronic version of a p/s?  I would really be very thankfull if someone could email me a Word Doc P/S.
Ryan

[TonyDiCorpo]

try ur state board of realtor's www or go to a local title co. and ask: "I need to sell my home as a FSBO.  what paperwork do i need?"  they will tell u or give u what u need.  all u will need to do is add a line that states u r purchasing subject to the existing financing, and that the deal is contingent on ur partner's approval.  then take it to an attorney familiar with creative real estate investing, and even better if they are familiar w/sub 2.  have them look it over for state specific info and to make sure it's enforcabel in WA if need be.  then u r good to go.  don't do anything w/o an attorney on ur team.