Wrap around a loan in California

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  • Can any one share some wisdom about doing a wrap around loan in California?

    Do I need an attorney to put this together or a Realtor?

    Someone told me that I can not pass title of the property until the new buyer is able to qualify for a loan of his own.

    So if I can not pass title, how can the new buyer secure interest in the purchase?

    Any recommendations for books that would clarify this topic is appreciated.

    Thank you.

    Need a little clarification. Please highlight your deal.

    You can close a wrap around at any escrow office (title company) or a real estate attorney can close it for you. Make sure you follow the Dodd-Frank rules!

    Seller wants to sell her rental house with seller financing. Seller has a loan on the home. Seller is afraid to activate the Due On Sale clause. How can the seller not activated the due on sale clause? I was told not to pass title to avoid activating the Due On Sale clause. I am guessing that I need an attorney to put a contract together to protect seller and buyer’s interest. I never done this, so I need some guidance.

    Thank you Jackie for your response.

    I would only get involved in a subject to deal if you were staying in the deal. Sounds like you may be a Real Estate Agent trying to put the deal together.
    There are allot of moving parts in one of these deals. I would not experiment on a client. There is great training here hours and hours of it both here on the forum and a whole section to itself in the Premium Training. Study up before trying to wing the deal. I do not believe an attorney will get involved in such a transaction. If you ever do do a subject to you may have to craft it yourself.

    Both sections have search features just type in subject to.

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