Taking A Sub-2 From Another Sub-2
SubjectTo
I am considering taking over a fixer home subject -to, rehabing and lease/opt out.
property is already subject -to,, i have done a title search and courthouse research shows no liens, suits or actions on property , the title is in the new owners name and the note still in the original borrowers. It's ALL GOOD. Or is it?? Are there any other dangers I'm missing that can be a problem?? I have never taken a property sub-2 when it was already sub-2. The owner is a distant relative to the note holder and they pretty much let the property go to pot. They are currently on time with note payments but have had problems in the past.
FMV= 95k
BAL= 61k
rehab est= 8-10k
moving out owner= 1k