Posted by Steve-Atl on May 30, 2002 at 10:31:05:
Why don’t you do what the investors are trying to do? You can refinance to get your equity…then sell on a lease option or contract for deed. That way you stay in control. What happens if the investor stops making payments on your loan? That won’t be an issue if you are collecting payments from your buyer and then sending the payments to you lender.
I buy subject to all the time and make all payments as promised, but I would never sell subject to with the loan in my name.
SUBJECT 2 - Posted by Grant Segall
Posted by Grant Segall on May 30, 2002 at 08:27:33:
I’ve got a vacant porperty for sale with about 40k in equity in it. Anyway I have been approached by two separate subject 2 real estate investors who want to take over my house payments and put a “tenant buyer” in my property to eventually buy the house. Sounds like a good deal but I would have to refinance the house in order to tap my equity, thereby incurring additional banking fees ie closing costs in the process. I am better off just doing this on my own and waiting for the house to sell? What are my risks in this sort of transaction?