Subject-To Confusion
I've read a lot on Subject-To and have a good understanding for the most part, but there is something that is confusing me about it. Here's the questions I have. Any help is well appreciated.
1. When I obtain a house from a seller subject to (got deed), can I structure the financing any way I want to for my tenant/buyer as long as I pay PITI for the underlying mortgage? Meaning can I set my on interest rate and terms? So it has to be in the contract, correct?
2. Also, when my tenant/buyer gets in the house and does a refinance, does the company they do a refi with send me (the owner) the proceeds? And that is because of the sales contract we had that negotiated the price and etc, right? Or does the proceeds go to the initial seller? If I am right in assuming they do send me the proceeds, I can pay the underlying mortgage off + plus any other costs and keep the profit. Is that correct?
3. And also, am I right in assuming that all of the above is based on the sales agreement I would have with my tenant/buyer?
Now that I got that off my chest. Could I possibly get some input for you CREI gurus out there. 
Thank You for any help that you give me.
Kyle
Kyle
here we go.
1. You own the house you can structure the deal which ever way you see fit, but I would not personally want to streach it (the sale)out any longer than I had to.
2. At closing all outstandings are paid off and you get what is left. You don't actually write a check the title company takes care of the money trail.
3. Yes t/b
Best to you,
Sire[ Edited by sire on Date 10/02/2003 ]