Posted by Tom – IN on July 16, 2001 at 24:04:30:
Believe me, the ABC’s of Subject To, at getthedeed.com, will answer all of your questions, plus another thousand you hadn’t thought to ask. This course ocmpletely covers all of the buy side mechanics, and touched lightly on the sell side also. Well worth the money.
“SUBJECT TO” mechanics, please?.. - Posted by Dmitry_PA
Posted by Dmitry_PA on July 15, 2001 at 23:31:36:
Hi,
I have a seller who is very motivated and interested in just deeding me the property. The house is worth about $125K, the seller owes $117, and the seller is looking for somebody to take over the payments. I am willing to be the one to do so and then to sell the house on a lease/option. The seller’s payments are around $650, rents in this area are around $950…
Here is the question. I hear it all the time - take the deed if you can. How do you technically do it? How do you close these transactions? Do you do them yourself, or have title companies do it? What’s involved in a closing? How much do these types of closings cost? What do you sign up with the seller? Just a regular purchase agreement with “subject to” wording?
Please help me with these details… I am trying to get a step-by-step guide to a “subject to” transaction.
Thank you in advance.
Dmitry_PA
Re: “SUBJECT TO” mechanics, please?.. - Posted by TomC (Md)
Posted by TomC (Md) on July 16, 2001 at 13:25:47:
SLOW DOWN!
I’ll bet those payment numbers a wrong. For a loan of 117K for 30yrs, the interest rate would have to be 5.25% to keep a payment below $650/mo. And this doesn’t take into account insurance, prop taxes, etc.
Ask for a copy of a recent mortgage statement before signing any deal!
TomC
Re: “SUBJECT TO” mechanics, please?.. - Posted by JohnE (CA)
Posted by JohnE (CA) on July 16, 2001 at 06:32:32:
Hello Dmitry
This might be what you are looking for:
www.creonline.com/wwwboard/messages/31205.html
Hope this helps
JohnE