Subject To Deal???
I have been contacted by a property owner and this is the case, property has been empty for approx 1 yr been broken into, in need of approx $5k-$7k repairs seller wants $80k for it she says that properties in area sell for (I'm not up with the market in this area) $90K, I have to say that the home would be good priced at $60-$65K, but appears that she owes $73500 on it and I didn't ask but I have reason to believe that mortgage may not be up to date. Could this work as a subject to??
Mr. Locke would be the best person to ask on this one.
Off the top of my head I would say that "if the home is worth 73.5 as is or more yes.
If the home in its condition was worth 60K but with 10-15K in repairs I stood to make 30-40K then I would tell the owner that I would take the home subject to, and offer them the difference in a balloon when the property sold etc.
Just a thought,
Randall
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