Why Would A Motivated Seller Allow A Buyer To Buy His Property Subject To Existent Mortgage?
Hi,
I don't see any compelling reasons why the motivated seller would allow a buyer to buy his property subject to existent mortgage. I don't think the seller can sleep at night not knowing if the buyer would pay the payment on time. Also, wouldn't it be easier and less headache for the seller to sell it to the buyer with approved loan from a lender? Not sure why would any seller allow a buyer to carry his mortgage years after years. What happen if the seller wants to buy another property a few years later and he's not qualify because of the existent mortgage....
thanks for the feedback.
idandte,
Glad to meet you.
There are two words that come to mind when reading your post:
Conformity vs Creativity
The lenders created a void in their industry, all that Subject To investors do is fill this void. If this void did not exist then there would be no need for Subject To investors.
I have done over 500+ Subject To deals and have many letters of appreciation from these sellers thanking me for helping them, plus students who account for hundreds of more Subject To deals.
Many sellers purchase a property after they have sold Subject To, underwriters at various lenders have certain requirements to show the property has been sold albeit Subject To or not.
Some lender's ask for the Deed showing the transfer, some a HUD 1, etc., so the requirements vary, however if the seller has good credit they are able to purchase another property. Not a big deal.
Until you wear a "creative" hat to understand what circumstances some people are placed under and nowhere to turn with their property except the creative side of this industry, you will remain wearing your "conforming" hat.
The thing is I understand and so do many others.
John $Cash$ Locke
[addsig]
Well said $CASH$!!
ok. I am convinced. Thanks to $CASh$.
How many real estate forms do I need to do subject to deal? Does anyone have the forms?
thanks.
Quote:
On 2004-09-16 19:55, idandte wrote:
ok. I am convinced. Thanks to $CASh$.
How many real estate forms do I need to do subject to deal? Does anyone have the forms?
thanks.
I think six or seven and Yes I do have the contracts. I purchased them for 698.00.