Buying 'subject to' questions...... - Posted by Jay

Posted by Jim IL on January 19, 2000 at 21:49:54:

I’m no expert, but here is how I’d answer those questions;
#1, Thats up to you, and depends entirely on your goals.
#2, what can you negotiate that will benefit you the most and still solve the sellers problems and/or fullfil his needs.
#3, you can sell the place anyway you want, or do anything you want with it. But, WHY would you refi it into a loan that would have your name on it. With the loan in the sellers name, you options are virtually endless as to how you sell it later.
No point in using your credit when you don’t have to.
Unless, you plan to keep it a LONG time, and the rate on it now is really high, and you can lower it.

Just my $.02,
Jim IL

Buying ‘subject to’ questions… - Posted by Jay

Posted by Jay on January 19, 2000 at 15:54:29:

Got a call from seller who has a house worth $140k, owes $105k, and wants around $10k for his equity…First question: Is this a deal worth talking about, not for immediate profit but for keeping for a rental, or perhaps a L/O.

#2: If so, would the best way to go about it be to buy ‘subject to’ the existing loan? Seller is not interested in an L/O as he wants some cash.

#3: When buying subject to, how much control does that give the buyer? If I bought ‘subject to’, would I have the ability to refinance after a year or so?