Posted by B.L.Renfrow on June 06, 2003 at 19:34:02:
You wrote, “I would keep whatever is left over after the payments are brought current, and they would own the home sub-2.”
Uhh, not quite. YOU (or your trust) would own the home subject-to. Don’t ever sell subject-to. You want to buy that way, but not sell, because you would lose control. You could lease option, or sell on a land contract, but it’s a bad idea to sell subject-to someone else’s loan.
Brian (NY)
New home, seller 3 pmts behind- would this work? - Posted by tampasteph
Posted by tampasteph on June 06, 2003 at 17:46:08:
I have a seller 3 months behind. Payments are $1200 PITI. House is worth around 145,000-150,000, and is only a year and a half old. They owe around 132,000. (Seller didn’t know exact numbers, but I asked him to have all info. tomorrow when I speak to him, including exact amount to bring loan current).
I was thinking of advertising for a buyer to put down $7,000-$8,000 (or more if I can get it) and take over payments. I would keep whatever is left over after the payments are brought current, and they would own the home sub-2.
Anyone done anything like this, or have any suggestions on how else to approach this?
Thanks for any advice.
Steph