Joe,

Do you already have a property picked out and just need someone to do the paperwork, or are you looking for someone to find a property that you can do a stupid-to deal on?

Do you realise that most if not virtually all loans have a due on sale clause? This means that the lien holder can call the loan if there is a change of title.

What happens to the poor schulb you "bought" the property from when you stop making the payments? I guess you get a few months rent from them and then the bank forecloses on them.

And no, it is not simply a case that the lender doesn't care as long as the payments are being made.

Lastly what seller is going to be stupid enough to sell someone their house, but still be responsible for the loan, even with a standup honest guy like you promising to make all the payments.

The bigest problem is finding a seller who has equity in their property that will just give up title.

If your looking at properties that the seller can no longer afford and are looking for a way to stay in the home, well maybe you can find someone that will let you take over their payments and then pay you a lower amount. Why would a savy investor buy a property and pay above curent market payments to have a property that they cannot sell or refinance since there probubly is not enough equity in it based on todays market. I guess you could hold the property until the market recovers, but since there are a lot of properties that can be purchased outright why bother with all of the subject-to nonsence and the very real problems that comes with a transaction like that

I'am looking for broker or Agent to help with one of these deals

probably what is known as "subject-to" transactions. The Seller signs a Warranty Deed conveying ownership of the house to you (a Grant Deed in California). The loan stays in the Seller's name, but you take responsibility for paying it. The loan may or may not be behind. Often, these are pretty houses in nice neighborhoods. Once the Deed is recorded, it's in your name, and no, the Seller could never kick you out. The Seller is still legally responsible for the loan--although you have an ethical and moral obligation to fulfill your promises to the Seller. You could wrap the loan and make money on the spread by providing true owner-financing, sell on Land Contract, sell outright to a cash Buyer, or sell via Lease Option. The idea is to cash out the original loan(s) at some point...although you could refinance as well, since you now own it (you would have to find a lender who makes investor loan refinances unless it is your primary residence). As you probably can guess, the lender doesn't care who is making the payment, so long as the payments are being made on time. You can generally get the Deed at no cost other than the recording fee and a transfer tax (if applicable). In many states, the transfer tax does not apply if a loan is remaining in place, and applies only to cash given to the Seller.
The Seller should sign a notarized Warranty Deed, a notarized Limited Power of Attorney, a Real Estate Purchase and Sale Agreement, and a good CYA Disclosure (cover your assets).

Can some one help me with this in San Diego ??

mmd, speaking of blowing things up, someone sure lobbed a grenade with that one... lol. I just figure as long as people get a benefit from using services, they'll pay for it. If not, they won't. Meantime, no sense bunching up all the underwear :)

Hi Joe,

It sounds like you are looking for a seller to let you take over their mortgage payments or "carry the paper" making a loan to you directly without a bank. Either way, I am not sure what benefit it is that you are looking for. Are you trying to get a deal below fair market value by going directly to an owner and cutting out their lender or what? Rather than focus on the details of the way we think the transaction might be executed, can you try to clarify what you're looking to do in laymen's terms? This will help us point you in the right direction.

Joe,

There are some good agents from the San Diego area that use Trulia, I'm sure they will comment and give you opinions based on your last comment.

I apologize for using your question to say hello to Seth but do recommend his opinion highly as you will find him open to many approaches/thoughts about purchasing.

Best of luck to you, Dunes

Seth,

When you and the wife get the kids settled and wish to have an interesting read check this monster out...

http://www.trulia.com/voices/Home_Selling/Can_low_commission…

I just returned from participating in the annual Government experiment to determine if mankind has outgrown the urge to blow things up. It was great and most of my remaining fingers still work! Hope you and your most excellent family enjoyed themselves as much as I enjoy your visits here.

"I wonder if we'll ever find out?" Now ain't that the all-consuming question?

This home is primary residence I live in the home then refinance .

probably what is known as "subject-to" transactions. The Seller signs a Warranty Deed conveying ownership of the house to you (a Grant Deed in California). The loan stays in the Seller's name, but you take responsibility for paying it. The loan may or may not be behind. Often, these are pretty houses in nice neighborhoods. Once the Deed is recorded, it's in your name, and no, the Seller could never kick you out. The Seller is still legally responsible for the loan--although you have an ethical and moral obligation to fulfill your promises to the Seller. You could wrap the loan and make money on the spread by providing true owner-financing, sell on Land Contract, sell outright to a cash Buyer, or sell via Lease Option. The idea is to cash out the original loan(s) at some point...although you could refinance as well, since you now own it (you would have to find a lender who makes investor loan refinances unless it is your primary residence). As you probably can guess, the lender doesn't care who is making the payment, so long as the payments are being made on time. You can generally get the Deed at no cost other than the recording fee and a transfer tax (if applicable). In many states, the transfer tax does not apply if a loan is remaining in place, and applies only to cash given to the Seller.
The Seller should sign a notarized Warranty Deed, a notarized Limited Power of Attorney, a Real Estate Purchase and Sale Agreement, and a good CYA Disclosure (cover your assets).

Can some one help me with this in San Diego ??

my man Dunes (MMD), so I noticed a conspicuous absence in the comment section under this week's post of "blog of the week". At first I maybe thought the article was too long, which definitely explains the high hits and low comments... but not THE particular non comment... so then I settled on a probable vacation for the 4th. I wonder if we'll ever find out?

Happy 4th my friend :)

-beth chowmix

Joe,

There is this guy named Reth Palkick, keth calrick, guest towelpack or something similar that works the San Diego area and if I remember his name I'll pass it along.

The point is he is pretty sharp for one of those RE people guys and may be worth listening to.

Wish I could remember his name! I'll keep looking and trying to remember but if you notice him first you might want to check out what he has to say........

Dunes (Infamous Anti-Realtor person Guy.)

Hi Joe, here's a short post you might be interested in, which features an investor's perspective...

http://www.trulia.com/blog/seth_chalnick/2008/11/auntie_em_a…

Hi Joe,

I work with lots of investors. Let me know what you are trying to accomplish and I will let you know if I can help.

Cheers,
Nick Rhea, MBA, Broker
Bombora Investments, Inc.
619-886-2004
nick@bomborainvestments.com

Joe,

What area in San Diego are you looking to buy property? Is your goal for investment or a personal home?

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
Rancho Bernardo
760-644-1562