Eadie and what happens is the the previous owner signs over the deed to you they sign a document it gets recorded where does it get recorded well I by the way to say bye now yeah the county recorders office the courthouse yes so that each county in America has a recorders office and that’s where these deeds get recorded now the mortgage company wants to protect their interest right because they just shelled out 150 grand or however much it was

a separate document is going to get recorded as well now I’m calling it a mortgage in the state of Florida it’s called a deed of trust but it could also be called a mortgage in other states and so that’s a separate document does it make sense so the owner is one document the money is another document you know when I speak in front of big crowds I’ll do the whole spiel of if anybody’s cell phone goes off they’ll give $20 to their favorite charity we won’t do that

here today though okay so the anatomy of an owner finance deal is you become the owner right so this this seller of my specific example he deeded the property to me but he was the one I’m he was the one that was the mortgage person so I mean in other words he was the bank so that’s how it auto finance deal works now how is that different from a subject – well a subject – is kind of crafty watch this the the seller is going to sign a deed over to you so now you’re the

owner but the loan doesn’t change the loan stays exactly the same and what you do is you just send payments to the bank pretty creative admit now some people think well wait a minute is the bank going to accept your payments yes they don’t care where the money comes from so long as it comes in so you’re probably thinking well jeez well who’s who’s willing to do that who’s willing to give their home to you but then they are their name and their credit stays on the line well let me give


Related Articles

Useful Guides

how low can mortgage rates go

Leave a Reply