Posted by Ed Copp (OH) on February 16, 2001 at 14:05:30:
you have the how to part down pretty well. The main objection will most likely be that the seller will remain liable for the present mortgage.
Posted by Ed Copp (OH) on February 16, 2001 at 14:05:30:
you have the how to part down pretty well. The main objection will most likely be that the seller will remain liable for the present mortgage.
Help! - Posted by Greg
Posted by Greg on February 16, 2001 at 13:58:46:
Hi all
I have a seller that answered a postcard that I sent to him on a vacant house.
He owes 74.5 on the mortgage and wants a payoff for that amount, monthly payments of 650.
On a subject to deal:??? I write him an offer to purchase for the owing balance or subject to the financing and then find someone with a 4-5k non refundable option consideration and set their payments higher that the ones I agreed to.
Is that about it?
Any suggestions on how to write this would be greatly appreciated.
Thxs
Greg
Re: Help! - Posted by Jim IL
Posted by Jim IL on February 16, 2001 at 15:32:33:
Greg,
Sounds like you have the “how to” down.
If the seller is willing to leave the loan in their name, then I’d say “go for it”.
Just fill out a purchase and sale agreement that states you are buying the property “Subject to” the existing financing.
For the spot where you put the price, write in there, “Approximately $74,500.00”.
After that, get the seller to sign all the other docs needed.
If you want help with that, give me a call and when I have time I’ll gladly walk you thru it.
I’ll send you my number in e-mail.
By the way, I am assuming here that you know the value of the home, the market rents, and whether or not any repairs are needed?
Take care,
Jim IL