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Owner swapping insurance?

Posted by: Lrndthehardway
Posted on : 5/25/2014 10:17:57 AM

Have a possible sub2 deal in the works. They are buying a trailer from his dad. Hes paying cash for it, and they are paying him. So they are getting out of this house for whats owed on it, 8 years into a 30yr mortgage. Loan is with WF. Their insurance agent wants them to take their policy on this home and put it on the new trailer, leaving none on this one. What are some options in this case? First sub2/LO, Ive only done a few wholesale deals so far. Should I just have them get a landlord policy on the sub2 and then get my own HO policy in place?I plan on putting into a trust as soon as I figure that out some more. How is WF as far the DOS stuff? Thanks

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owner swapping insurance

Posted by: seminole
Posted on : 5/27/2014 11:49:09 AM

william has a very good article on insurance and subject to under articles. click on it..........

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Thx

Posted by: Lrndthehardway
Posted on : 5/27/2014 12:01:31 PM

Thanks, I kinda figured out that I was overthinking things. Seems I just have the seller put a landlord policy in place and go about it the weenie way lol. Thanks for the advice

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