Posted by Carol on June 07, 2000 at 06:20:49:
charity, there should be a cya letter signed by the seller stating that he ‘understands’ what’s going on.
In fact, if payments are current, the fact that there is a loan with payments being made can be a plus on a credit report.
I’ve got loans on mine, and I can still buy!
I sit down very patiently with a seller on a subj to and explain exactly what will happen and why. what will and will not happen, I mean.
This is where your ability to “sell yourself” is a big factor.
Give it a try and tell us how it worked.
Carol
One more thing… Question about subject-to’s… - Posted by Charity
Posted by Charity on June 06, 2000 at 19:54:16:
How do you go about explaining this to sellers so that they don’t think it is illegal or unethical? Also, say you have a seller who is motivated because they are being transferred and they are going to need to buy on the other end. They couldn’t buy somewhere else most likely because they would still have this mortgage in their name, correct? So what kinds of people are interested in subject-to deals?
Also, is there certain wording you put in stips about subject-to?
Charity