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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Don't believe it... Posted by Ward-CA- on December 07, 2003 at 9:43 AM In Reply to: Can't do sub2 in Santa Clara County?? posted by Sara_CA on December 07, 2003 at 9:15 AM : My title officer(Old Republic) said that I can not do sub2 purchases in Santa Clara County, because the county checks tax rolls once a year. If the name of the property tax payer(me, the grant deed holder), is different than the name of the loan trustor(the default seller), the county will notify all three(the bank, the loan trustor, the grant deed holder). The due-on-sale clause will be immediately triggered. Is this true? How can I get around this? How can I do sub2's in Santa Clara County? Which month of the year are they doing the tax rolls? I will do my sub2 immediately after the county tax rolls, and hold the property less than 12 month. Will this work??? Is there a better way?? : I would like to network with sub2 investors in Santa Clara County. I also need the names of professionals who can help me do sub2's. : Title/escrow officer(s): : Loan broker/agent(s): : RE broker/agent(s): : Sub2 attorney: : Rehab contractor(s): : Your help, any and all help is greatly appreciated. ========================== Sara, There are many instances where the name of the property’s tax payer is not the same name as the name of the original loan borrower. That’s the case where property taxes are paid out of the lender’s impound account and not by the home owner. So how does that square with what your title officer said? What I would do is find out the facts for myself first hand. Go visit the County offices and talk with someone there who can tell you if this issue is actually true. To me it’s unimaginable that the Santa Clara County would spend it’s time and resources doing such investigations and reporting when it’s none of their business and has nothing to do with any county purpose. And I’m positive you don’t need a special cadre of professionals to help to take title to property subject to the existing financing. Just find those individuals who are known for doing their particular tasks in an expeditious and professional manner. Hope this helps. Follow Ups: Title Companies don't call the shots... Rick Harmon 12:46 AM, 12/07/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : My title officer(Old Republic) said that I can not do sub2 purchases in Santa Clara County, because the county checks tax rolls once a year. If the name of the property tax payer(me, the grant deed holder), is different than the name of the loan trustor(the default seller), the county will notify all three(the bank, the loan trustor, the grant deed holder). The due-on-sale clause will be immediately triggered. Is this true? How can I get around this? How can I do sub2's in Santa Clara County? Which month of the year are they doing the tax rolls? I will do my sub2 immediately after the county tax rolls, and hold the property less than 12 month. Will this work??? Is there a better way?? : : I would like to network with sub2 investors in Santa Clara County. I also need the names of professionals who can help me do sub2's. : : Title/escrow officer(s): : : Loan broker/agent(s): : : RE broker/agent(s): : : Sub2 attorney: : : Rehab contractor(s): : : Your help, any and all help is greatly appreciated. : ========================== : Sara, : There are many instances where the name of the property’s tax payer is not the same name as the name of the original loan borrower. : That’s the case where property taxes are paid out of the lender’s impound account and not by the home owner. So how does that square with what your title officer said? : What I would do is find out the facts for myself first hand. Go visit the County offices and talk with someone there who can tell you if this issue is actually true. : To me it’s unimaginable that the Santa Clara County would spend it’s time and resources doing such investigations and reporting when it’s none of their business and has nothing to do with any county purpose. : And I’m positive you don’t need a special cadre of professionals to help to take title to property subject to the existing financing. Just find those individuals who are known for doing their particular tasks in an expeditious and professional manner. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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