809,258
I have not, but I wouldn't want to be involved with one without an attorney. Many aren't actually allowed based on what is written in the terms of the current loan and like Fred Griffin said, it can violate the Due on Sale Clause in most loans these days. They are messy business in my opinion and not my area of expertise. -Kasey
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
2,221,377
No
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
5,112,471
No. Why do you ask?
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Anthony Acosta - ALLAT...
Atlanta, GA
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Anthony Acosta - ALLAT...
Atlanta, GA
5,254,035
No, I haven't heard of that since I took my classes for my license!!
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Anthony Acosta - ALLAT...
Atlanta, GA
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Susan Haughton
Alexandria, VA
1,712,776
Never.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
5,027,055
No.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
2,684,569
No. Most of them are violations of the due on sale clause. See an Attorney before playing that game.
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Debe Maxwell, CRS
Charlotte, NC
921,504
Yes. Over ten years ago they were not so uncommon.
But keep in mind, ten years ago my cat could get a mortgage.
In what context do you present this question?
Often, those outside the industry get exposed to new lending instruments before we do. Please share.
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Jenni Hubbs
South Jordan, UT
5,238,990
Yes, but not on a single family home
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Anthony Acosta - ALLAT...
Atlanta, GA
1,027,602
I had a couple ofclients ask about them several years ago, but other solutions were found, so no, I have never been involved in a transaction with one.
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Debe Maxwell, CRS
Charlotte, NC
599,734
No but I've read about them and would sure like to do it some day.
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Debe Maxwell, CRS
Charlotte, NC
5,060,494
nope, no experience with them at all.
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Nina Hollander, Broker
Charlotte, NC
1,553,094
I take place in Trader Joe's wraps about 3 times per week for lunch. Otherwise, no wraparounds experience.
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Nina Hollander, Broker
Charlotte, NC
3,988,013
Years ago when they were popular and financing was tough I did sell a couple of properties with this type of creative financing. I can't see that at today's low rates it would be necessary.
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Nina Hollander, Broker
Charlotte, NC
6,417,409
634,532
4,319,773
3,986,308
712,423
4,960,432
4,272,934
1,506,013
5,583,328
2,187,587
Not common these days. Have never done it myself but have done other successful creative financing things.
1,466,257
abby tiscareno I have never taken part in a wrap, but I do know prople who have. It works only if a loan is assumable and it's not used to circumvent the lender. Using it to circumvent the lender will more than likely to enforce the Due on Sale clause.
4,800,132
3,416,038
I have not seen it since the recession. Most often simply stated as a second mortgage. More often used when a seller can not sell their home or investment property, and helps a buyer qualify by giving them a second mortgage
1,617,916
3,071,489
970,983
4,434,177
1,624,653
Years ago on a commercial property, but I heard it can be used for residential home purchases as well, for example, in situations when a buyer with a bad credit can not get a traditional funding.