Short Sale And Subject To

Comments(5)

• 
  KyleGatton9th August, 2003

  Of course it is. You can sell your position. Or sell your letter of intent. (same thing) I have bought a couple. If you have anything good PM me the details. If its not a good deal give it to the other guys. You can post it on TCI realty as well.
  
  Good Luck,
  Kyle

• 
  pbodys9th August, 2003

  Kyle,
  
  That's interesting what you said about selling your position and....
  Would you care to elaborate on this a little more?
  
  Explain it to me from scratch, please...
  
  Clif
  [addsig]

• 
  jorge1219th August, 2003

  unless you have taken the property subject to the existing (defaulting) mortgage for the sole purpose of controlling the property and NOT because you intend to reinstate it then the answer is yes. If, however, you have cured the default and then taken the deed, I doubt the lender would be willing to short it. At this point the borrower is out of the picture (except that he or she is still liable under the mortgage). I would attempt to purchase the note instead, at a discount.

• 
  c-brainard11th August, 2003

  Either one can be done, but I don't think combining them would work with a lender.
  
  Subject to would require brining the mortgage current, else the house would still be foreclosed.
  
  Short selling would get you a discount on the loan balance by offering the bank a cash payoff (to cut their losses). If you pay off the mortgage with cash or another loan, there isn't pre-existing financing to be subject to'ed
  
  -Chris
  [addsig]

• 
  ohmandd15th August, 2003

  Chris is right. When a bank permits a short on a note, they expect to get paid in full within a set timeframe.
  
  If you take property Sub-to, then get a short excepted. You will have to pay the bank off; either by selling the property, cash, or loan...
  
  Dustin