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I have a house for sale and was contacted by another investor who says he has a buyer interested in the home. I would sell to the investor with owner financing for $700 PITI per month and then he would sell the house to his buyer with owner financing for $950 PITI wrapping the B to C mortgage around the A to B mortgage. the investor and i would also split the down payment from the buyer and a company called Torok Law firm in San Antonio TX. would handle the paperwork and payment servicing sending the appropriate amount to (me, the other investor,taxes and insurance). The questions i have are…
Has anyone dealt with or heard good or bad about the Torok law firm in San Antonio TX they say they have been doing creative deals since the 70’s? i am in PA and imagine there would be quite a delay to send payment from PA to TX and back to PA. They said that we could have one month escrowed with them in advance so there would be no delay to me.
Would you see any other problems with an arrangement like this?
Is there maybe a better way? I would prefer to have the payments come directly to me from the buyer so i was think i could give the investor an option stating that i would pay him half of the down payment and $250 per month when his buyer closes with me.
Thanks for all the creative ideas.
PASS!
You need to sell to an end user not another investor.
If the investor stops paying you, you’ll have a heck of a time getting the occupant out of the house..
And I would never ever trust the BUYER’s attorney to prepare the documents for MY transaction. You can be sure they the paperwork will not be in your favor.
It is so easy to sell with seller financing now to buyers with fairly good credit, good work history, and a large down payment… there is NO REASON for you to use a middle man/woman.
Jackie
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