To Stay Or The Boot?
When doing "Subject to" deals is it best to have the current owners leave or is there a way to work out a deal for them to stay without deeding over the property.
Which is the best??? Please Help??? :-?
Not an expert, but have read many here...
All have warned against taking sub2 and leaving the owner in place. Rationale: if they were in trouble with their lender and need out, why would they suddenly turn into good payers to you?
Best advice is to have current owners leave on a sub2.
The part of your question about working out a deal without deeding over the property is not a sub2 deal. Sub2 means you are taking title to the property but leaving their existing financing in place. With no deed in hand, you have no control over the property--if anything (more) happens to their credit, it can attach to the property, leaving you in a bad spot.
Andy
Thanks Andy,
That was my way of thinking. I would rather sale it to a retail buyer any way.