Posted by TC on October 25, 2001 at 22:04:54:
My thinking on this one would be that maybe they arent motivated enough to do subject-to and if they are all asking if you can do it for 12-18 months I would say that they would feel more confortable with the L/O.What is their motivation would be the primary thing I would find out and go from there.
You may even want to consider a straight Option.
are they motivated enough? - Posted by ct
Posted by ct on October 25, 2001 at 20:07:35:
I’ve got 8 deals where the people are on the fence about my little subject -to deal.They ALL say the same thing,can’t we just do this for 12-18 months and if you haven’t got it refied by then it’s null in void.Can i even do that?should i go lease option with these people,do you think they’d feel better about that?thanks
Re: are YOU motivated enough? - Posted by GL
Posted by GL on October 27, 2001 at 14:18:49:
You won’t know if they are motivated enough until you make up your mind what YOU want to do. Write it up, present it to them and give them 24 hours to make up their minds or it is null and void. If there are several ways of doing the deal that all suit you equally well you can offer them the one they like best.
You can do this in a polite way, explaining that you have several houses you are making offers on and must know where you stand.
If you have 8 possibles it sounds like finding deals is not hard. So take the ones that suit you best and let the rest go.
Re: are they motivated enough? - Posted by Stacy (AZ)
Posted by Stacy (AZ) on October 26, 2001 at 12:39:05:
You could also consider buying by using an exact wrap via contract for deed. You could negotiate a balloon for the CFD, when the sellers would get their loan paid off. 18 months is too short though. For these purchases, try to negotiate for no shorter than five years or so. Longer is better, if you can get them to agree. Sometimes those who reject a pure subject-to sale will agree to a wrap/CFD.
However, be aware that this is different than buying subject-to via getting the deed. You are committing to pay the monthly payments, and pay the loan off on or before the balloon date, in a recorded contract. They could foreclose if you didn’t perform as promised, whereas with a subject-to/exchange the deed transaction, they have no ability to foreclose. Also, you will not get the deed until you pay-off the loan in the future. However, you will have equitable title until then.
Stacy