OfflineI have a deal that a gentlemen is going to sell me. It is a cabin on 76 acres and he owes about 5 months in payments. He had trouble with his job and needs releif. Anyways I want to buy this property subject to. He is willing to sell it to me for what he owes and I will catch him up and take over his payments. And he owes about 85k and it is worth about 110k or so. My question is after I get his mortgage info with his balances and everything on my purchase agreement, and I get my limited power of attorney signed. Where do I take the paperwork? Title company for a normal closing? County maybe? Please help if you have this experience. Thank you.
Dennis
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You can either do a "kitchen table" close yourself if you are comfortable in producing the needed RESPA forms, deeds, state disclosures, waivers, etc. or you can go to a title company and have a true closing.
We elect to do the true closing through a third party so that everything is prepared properly.
No matter what route you take, the deed still needs to be filed at the county.
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