Help! - Posted by Greg

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 :smiley:

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.


Re: Help! - Posted by Jim IL

Posted by Jim IL on February 16, 2001 at 15:32:33:

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