Posted by Jack on May 17, 2003 at 15:11:12:
These are good question, but I’ll only address one of them:
“making the payments to the owner of course, with them still being liable to the lender under the original financing terms”
You never want to make payments to the seller. You need to make absolutely sure the mortgage payments are being made, so you would send the payments to the lender yourself.
buying subject to - Posted by jfw
Posted by jfw on May 17, 2003 at 10:34:20:
This question is posed to any experienced “subject to” investors.
I am in the Baltimore area and interested in subject to deals among other methods.
Is a subject to as simple as it seems?
Example: An ex-landlord has two buildings under one mortgage for about 36k and he needs 9k cash, can I buy the property for the 9k and per our contract agreement take over the 36k mortgage (making the payments to the owner of course, with them still being liable to the lender under the original financing terms)? And say the property is worth about 60k each building.Also what if the property is vacant and needs repairs?
Lets say the two bldgs. need about 10k repairs each.
Is this a good subject to deal?
Can I put a deal like this under contract and then assign the contract and my interest? I eagerly await response.
Thanks in advance, any help is welcome.
Re: buying subject to - Posted by Dan
Posted by Dan on May 19, 2003 at 08:15:27:
Go to sub2deals.com. They have a great forum all about subject to deals.
Dan