Subject to Deal?? Need Help! Fast !! - Posted by Robby_ATL
Posted by Robby_ATL on June 21, 2001 at 10:45:23:
I received one of those phone calls that you read about but I never get, until now…
Seller recieved a postcard from me 3 months ago, called but wasn’t overly motivated, I let it go…
Yesterday, seller leaves me a message that she has just become “very flexible” and needs to do the deal now. She even tells me exactly what she needs on my voice mail.
Property is worth 100,000
Payoff is 66,000
Seller needs 6,000 to pay off debt and to leave town, moving to FLA
This is a rental property she owns not her residence.
Property is is in excellent shape, same tenant for past 5 year, currently rents for 750.00/month. Rents should be arount 900.00/ month.
Can I pay her 6,000 and have her sign a deed “subject to” the existing mortgage, record it, and move on from there or do I need to do a full closing at an attorneys office.
My 2 plans are…
1)Move tenant out and sell for a quick 25K profit
- Leave tenant in and make spread on rent every month…Tenant has no desire to buy property or move, according to seller.
Any help or suggestions would be greatly appreciated.