Subject To Existing Finance?
Senario:
FMV: 100K
Loan Balance: 90K
Offer: 1K subject to existing finance
Now on the purchase contract it states
"1. PURCHASE PRICE: The full purchase price shall be $____________________________________dollars payable Subject to existing loan.
"
is the full price: 90K, 91K or 1K. How have others worded this when giving the seller a promissory note for their equity?
Thanks.
[ Edited by rjones on Date 01/28/2004 ]
91K
price is always what the balance owed is plus what ever your giving them