Why Would A Seller Want To Do Sub 2?
I don't understand why a seller would do a sub2 deal. They are deeding you the prop (Warranty or Quitclaim I assume mostly??) then trust that you will continue to make payments on their mtg??
Most people will look at this as a way out. Maybe they can't afford their payment anymore, lost there job, divorce. Lots of reasons, but then some people think it's just crazy. Some people like the idea and some don't. Just depends on how motivated they are and what they are facing.
Most people think the same thing. The fact is that not everyone is all responsible with good credit and no problems.
Many people experience job loss, job transfer, divorce, foreclosure, health problems, etc, etc.
When push comes to shove you just want your problem solved. Thats where people like you and I step in. We don't buy a house, we solve a problem.
So then once you have bought Sub2, what next?
Also, when buying sub2 do you typically have to bring the loan current if they're in trouble? What other potential liabilities (Cash and otherwise) does sub2 open you up to?