when BUYING subject to? - Posted by paul

Posted by Jonathan Rexford on February 18, 2002 at 15:33:41:


You asked to insure what is there best interest. You are in there living room to SOLVE THEIR problem. Now as far as for them getting a mortgage to purchase there next home. Their are two schools of thought. When you do the closing, you prepare a closing statement and the deed gets transfeered. Its true a sale did happen. If they want to wait to get a mortgage you will be making the payments on there loan. Send them a copy of the payments that YOU made. Now if you are working with a mortgage broker on a regular basis take the sellers there to get there mortgage. Heck do it before the deal is done. They may treat it as a rental for them which it will only count at 25% of there debt. But I have rarely had this come up. Because some of the people that I have done deals with could not qualify for a mortgage for at least 12 months or so. As a matter fact I am improving there credit score. Please do not fall in a trap in doing false Agreement for Deeds or Lease Option agreements. For the seller to qualify for a loan. I hope this helps

Jonathan Rexford

when BUYING subject to? - Posted by paul

Posted by paul on February 18, 2002 at 13:20:02:

Is there a letter or what do you tell the seller to keep them assured that their best interests are in tact?What do you tell them as far as them getting another loan while this loan is still in their name?I believe JOHN SHAUB said it’s 75 or 85% someone please set me straight!!!thanks in advance