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Does anyone have a Power of Attorney, Management Letter, and Escrow Letter that I can use for a "Subject To" deal?

If you do, please advise. Thank you

Does anyone have a Power of Attorney, Management Letter, and Escrow Letter that I can use for a "Subject To" deal?

If you do, please advise. Thank you

Hey Dan,

I know it's been a while since you posted your question as to whether anyone may have had a property for sale in Florida. I wanted to know if you were still looking for something there, because I happen to know an investor who does currenttly have a property for sale.

I don't have the details on this property at this very moment, but I do know this property is located in Orlando Florida next to Disney World. In fact, he says you can even see the Disney firework show every night around 9:00pm from the backyard. If you're still looking for a property and if you think you might be interested, let me know. I can get the details on it and send them to you.

I don't currently have this property under contract nor do I own it. But if I were to buy it, here's how I would like to do so. But first let me give you the numbers on the house.

$230,000 - Value
$180,000 - Loan Balance
$1,600 - Monthly Payments (PITI)

If I buy it i'll buy it "subject to" and then turn around and I'll sell it to my buyer (an owner occupant) for $230,000, with let's just say a $20,000 down payment, and then owner finance him for his remaining balance to me of $210,000.

Now let's say my outgoing monthly payment of $1,600 per month, which is the payment that will go to the lender on the existing debt and my incoming payment from my buyer (the owner occupant) is $1,700. So that means that my monthly cashflow obviously would be $100 per month.

I understand that the total underlying existing debt of $180,000 is being paid off because of my buyer's (the owner occupant's) incoming payment of $1,700, which $1,600 of it, is applying towards the underlying debt. So I see that, but my question is, is my buyer's (the owner occupant's) remaining balance to me of $210,000 somehow also being paid off as well through his monthly payments to me or will his remaining balance remain the same until he refinances?

If I'm selling a house with owner financing, should the monthly payments or part of the monthly payments that I recieve from the buyer apply towards their total payoff of the house? From my understanding, only the buyer's down payment applies to the actual payoff of the house. In other words, if I'm selling a house for $250,000 and I get a $20,000 down payment, with payments of let's just say $1,700 per month. Assume I've been recieving these payments for 2 years, would the buyer still owe me $230,000 after those 2 years or would the monthly payments have lowered their total payoff to me?

Also, let's say 2 or 3 years go by and the buyer decides he's going to refinance, but for some reason he just can't get approved for a new loan and even after several attempts, he still can't. What's the best way for me to proceed from this point to get the buyer to pay me off? If there is someone who understands how this is suppose to work, your feedback would be greatly appreciated.

Yes, that does help. Thanks for your help.

By the way, what would happen if I'm buying a house with seller financing and for some reason I couldn't find a buyer to put in the house? What can the seller do if I can't pay the deposit or the payments when the time for me to do so comes? What remedies could the seller seek if I were to default? Could he seek "specific performance"?

If I buy a house with seller financing and agree to pay the seller a deposit. At what point do I have to pay him that deposit? Is it at the time of accepted agreement, or whenever I find a buyer, or at a predetermined time like say for example 3 months from date of accepted agreement whether I have a buyer or not.