Confused About The Steps You Need To Take?

Say you just got your first deed subject to deal, and you are a little bit confused about the steps you need to take. You already, applied for title search. So that's happening, and things are on their way.

The seller's sign all of the documents. One of the things that you didn't understand that they told you was regarding the lender. They told you that their lender has included the closing cost in their mortgage. You aren’t really sure how this might affect your lease option. After all, you were planning on doing a rent-lease option. Is this still going to work for you? Are you going to have issues and is this going to affect you and at what cost?

If the amount they owe is pretty close to what the property is worth (for the sake of this discussion, we’ll say the amount owed is 145,000, and the amount of worth is 160,000) then your next step is very clear. If the place does not need any work at all than this becomes even easier.

All you have to do take over the existing debt. It is strongly recommended that you get them to go close in front of an attorney. Then you can put a lease option tenant in it and get whatever the market will allow on a non-refundable deposit. And then you have that closed in front of an attorney; your attorney by the way.

A title company that does the work for you is going to make you pay title insurance. You don't need to take title insurance on a debt you just took over with no money in it.
You need to get it re-deeded in front of an attorney. The next step is to have the title search done. Then put lease option tenant in it.