Can You Do Subject To Through And Agent?
Hi Investors:
If I find a house through an agent can I still do a subject to. Is Subject to similar to a wrap around mortgage? How will the agent get a commission?
Here is the deal?
FMV: 115k
Asking: 99k
Offer: 96k subject to current financing
Loan Balance 94K
PITI: $1000
Repairs: Unknown – But if it’s more then 5k then I’m pulling out.
Plan: Fix up/Repair and sell to another homebuyer, No qualifying and have them refi in 2 years.
Subject too is new to me, but I have done other investing, mainly rehabbing.
You can never stop learning though.
[ Edited by scr2001 on Date 01/27/2004 ][ Edited by scr2001 on Date 01/27/2004 ]
By the way I'm ordering John's course and I'm sure these types of questions will be answered, but for now any help you could give me is most appreciated.
I know the real estat market is pretty hot in Las Vegas but is there enough wiggle room with those numbers to make it worth your time?
Q
I know the real estat market is pretty hot in Las Vegas but is there enough wiggle room with those numbers to make it worth your time?
Q
Maybe I'm missing something but from my understanding Subject too work best when there is little or no equity? I'm I wrong?
scr2001,
Once you get John's book you will see that you should never ever deal with a realtor. Not a good idea.
With that said did the seller find you or did you look at this with a realtor? If the seller called you have them cancel their listing then do the deal but check your numbers..... My 2cents
James
scr2001,
You will find that we have a way to deal with a sellers perceived equity, the only one who thinks there is no equity is the seller when we make our offer.
You will find out that there are going to be very, very few houses that we purchase that do not have equity.
There is no set illusion that we only deal with low equity deals you will soon see what I am talking about.
John $Cash$ Locke
John:
So will having an agent make it a deal breaker? Or have deals with agents worked out in the past?
Thanks