Do You Have To Qualify?
If you have a seller who wants out of a property for payoff. It has a 1st Mtg. of 20k below FMV. If you nego. a deal for the seller to Quit Claim Deed the property, maybe for a small fee ($500-$1000), would you have to qualify for the 1st?
Thanks
Mike
No, you are not placing the mortgage into your name, you are taking the property "subject 2" the existing financing, hence, leaving the mortgage in the sellers name.
[addsig]
If you buy Subject to from this guy the loan stays in his name and you make the payments to his bank but the deed gets transfered to you. You then can flip it for quick profit or offer seller financing and make alot more money. I recommend you read up a little more. Good luck.