Posted by Russ Sims on September 05, 2003 at 13:23:28:
When we take over a home ‘subject to’ we don’t often get the seller to make the next few payments, or even the next payment for that fact. You can certainly try to do this, but don’t think it will happen most of the time. You are usually dealing with a divorcing couple strapped for cash, or a home seller who has been making payments on a vacant home already and is going broke doing it so asking him to make another payment or 2 is not realistic…If you do get a seller to make some payments (and we certainly have) figure on being stuck with those payments anyway. Because when a seller says that they’ll make the next payment or so, guess what? They usually don’t. You get stuck having to make up the payments as well as hundreds in late fees. Not fun. So go ahead and try to get a payment or 2 from the seller, but count yourself lucky if the payment is made and figure you’ll have to ultimately be responsible. And never set up such an arrangement if you are not financially prepared to make those payments the seller commited to.