Posted by TC on July 03, 2002 at 19:52:13:
Tom,
Since U put it that way ,I agree!
-In my area (Canada), CTM are REALLY hot sellers, $5-$10k dwn no qual’ and 99.999% Cash ONLY is EXPECTED by the SELLER or, no sale.
-these deals get picked up within the day.(Truth)
Guess I should have phrased my answer a little better!
What does ‘cash to mortgage’ mean? - Posted by Matt PA
Posted by Matt PA on July 02, 2002 at 23:43:37:
This is probably more obvious than I think and here is the context: “I sold the house to an investor for $3,000 cash to mortgage a few days later.”
Re: What does ‘cash to mortgage’ mean? - Posted by TC
Posted by TC on July 03, 2002 at 24:34:10:
CTM-cash to mtg…
amount req’d to assume mtg.
Re: What does ‘cash to mortgage’ mean? - Posted by Tom
Posted by Tom on July 03, 2002 at 11:55:05:
It means the buyer paid the difference between the sales price and the existing mortgage in cash.
Please do not post answers to questions that you do not know the answer to …however well intentioned
Re: What does ‘cash to mortgage’ mean? to Tom - Posted by TC
Posted by TC on July 03, 2002 at 14:22:01:
Tom,
What is difference btwn what U wrote and what I wrote…
-difference btwn sales price and existing mtg is “amount required to assume existing mtg”.
-I’m not a newbie, I do many CTM in my area!!!
Re: What does ‘cash to mortgage’ mean? to Tom - Posted by Tom
Posted by Tom on July 03, 2002 at 14:30:35:
There is not any cash REQUIRED to assume or if you were not assuming and were buying “Subject-to”. The cash, if any, is negotiable between the buyer and seller and is not a requirement of the mortgage or note holder.