Need Crash Course on Subject To....... - Posted by DonDe

Posted by DonDe on April 21, 2004 at 19:30:13:

Thanks for the reply, Phil.

My people filled their Uhaul as I had said and took off for Texas Monday morning.

I talked with them Friday afternoon about the home and was told that If I could come up with $115,000 offer by Saturday, it would be mine. This offer would have cashed them out of the $104,000 mortgage and if sold the penalty of $5000 would have been due. This would have netted them about $4000 on the sale. This is why I wanted a crash course on “subject to” on Friday. With the proper paperwork, I could have had a property that would have sold in the neighborhood of $150K.

My belief is that someone else met with them Friday night and offered them a “subject to”. Although she said that they were meeting with someone that evening, she wouldn’t go into any details as to who and what was going to be discussed. I had been working with them for about three weeks trying to get an option to purchase or L/O. I had a good rapport with them and thought I could make something work.

Suppose they took the other people’s deal.

Friday or Saturday, I really needed the help to put this together, however, no one on the board came forth.

I do appreciate the reply and, yes, I will call you. What is the best time to reach you?

BTW - I have recognized you from your posts on the MH Forum.

Thanks again.


Need Crash Course on Subject To… - Posted by DonDe

Posted by DonDe on April 15, 2004 at 16:05:29:

Would like to check out the possibility of doing a Sub2 on the property that I posted about below.

Help with upside-down L/H

Sellers getting desparate (and so am I…LOL)



Re: Need Crash Course on Subject To… - Posted by DonDe

Posted by DonDe on April 16, 2004 at 13:38:41:

Owners loading U Haul. Lowered price to $115K…
Wants outright sale in order to unload.
Talking with someone tonight and if that doesn’t pan out they will pursue working with me.

Re: Need Crash Course on Subject To… - Posted by Phil Pelletier

Posted by Phil Pelletier on April 19, 2004 at 18:36:28:

Call me at 503-709-8184. Subject to investing is great, if you do it right. It can be a problem if you do it wrong. I’ve done it both ways and I will be happy to tell you about it. What ever you do, tell the guy to keep the loan current. If it goes into default, the buyer (you) will have to make the loan current with a cash payment, and, depending on that cash payment amount, may defeat the beauty of buying subject to. Call me if you are serious. It sounds like you have a potential winner. I am on the west coast.

Phil Pelletier