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Buying property – “due on sale” bank clause

Discussion in 'French Property' started by Phineas, Sep 1, 2008.

  1. Phineas

    Phineas New Member

    Someone told me that I could buy a property “subject to” the existing loan. That the seller could just deed the property to me and I could take over the payments. Is this legal and what will the bank do when they find out? What about the “due on sale” clause? Can anyone help me on this. It sounds like an incredible way to buy property, but I don’t particularly want to go to jail.
     
  2. GIF levis_lic

    GIF levis_lic New Member

    Well, let me say that you are learning from the right guy. I’ve been doing deals with the structures that Joe teaches since I bought his book about two years ago. It took a few months for me to really understand how to make offers like this – and I had to practice to get good at it. But I can also tell you that this is the safest way to buy houses I’ve ever seen and I do 3-5 deals every month – yes, I’m making a lot of money. So, with all that said, I’m going to direct you to another one of Joe’s articles that really helped me. I’ve never seen a guy who gives away so much free info – I get articles almost daily from him and I save them all – I got this one a few months ago. Anyway, this is an article that will show you exactly how to talk to sellers when you make a zero down offer. Don’t say I never gave you anything. ;-) http://joecrump.com/talktosellers.html
    :p
     
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