Dum Question BUT Nneding Answered!
What is Sub2??????
I have seen it mentioned many times but never knew what it means and if it is mentioned this often maybe I am missing another tactic I could be utilizing.
Can someone explain this to me in lamen terms??
I dont know much about investing and only have been lucky with what has come my way so far. Trying to do a few deals now and would liek some help in learning all I can. Adviseable reading is also appreciated as I know I should do the legwork too.
Thanks again
Stuckanuck,
Glad to meet you.
This link will help you get a better understanding and if you have questions let me know.
http://www.thecreativeinvestor.com/residential/modules.php?name=News&file=article&articleid=146
John $Cash$ Locke
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Thank you for your help.
Mike
Dear StuckKanuck
"Subject to" is short for subject to the existing financing. This means that someone using subject to financing is taking over the mortgage paymnets and terms as they already are. If the mortgage is behind in payments, as is sometimes the case with this type of financing, the delinquent payments must be caught up, which is usually several thousand dollars. When the mortgage is current, a person can take over a mortgage in this way and perhaps get the seller to give a seller mortgage, or owner financing, for the equity they want to get out of the property. Or, the seller might be willing to take cash from a second mortgage taken out on the property. Here in Virginia, and probably other areas as well, there is a special place on real estate sales contracts for "subject to" sales. Hope this helps.
peavyfan
Mike,
No problem, welcome on board this board.
John $Cash$ Locke
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