Gotta love when a deal just drops in your lap. We are in the negotiation process of buying a 2br2ba half duplex. The owner is a very motivated seller.
3 years ago my dad bought a property "subject to" the existing mortgage. The owner was a school teacher and didn't have enough equity to sell her house. Last week he got a call from another school teacher who got his name from the first teacher. Teacher #2 wants us to do the same thing for her. She knows she can never sell her property for what she owes with the foreclosures driving the prices down in her neighborhood. I went to look at the property last night. She is moving on July 5th whether it is sold or not, so she is willing to walk away from it.
built in 1984
1000+ or - sq ft
2br 2 full bath
new Trane HVAC
All new appliances
new carpet and tile
new roof in 2002
completely new sewer line in 2005
Currently here is what we are offering:
She will make the July and August payment
She has to leave the fridge, washer, dryer, and draperies
She will show the property to prospective lease to own tenants until she moves.
We have no time limit to sell the property and we will manage it until sold
We had a tenative agreement last night and are drawing up the paperwork to sign this week. This is the frist subject to I have done but my dad is going to walk me through it. When we are done I can share the process better than what I understand now.
What I do know is she is going to put the property into a trust with her as the beneficiary. She will then sign the beneficiary rights over to me allowing title transfer. We will inform the bank that we are managing the property and all paperwork will come to us. When we have a signed lease she will get a copy so that when she goes to buy another house the mortgage showing on her credit will be a wash.
The cool thing is this will never show on my credit
3 years ago my dad bought a property "subject to" the existing mortgage. The owner was a school teacher and didn't have enough equity to sell her house. Last week he got a call from another school teacher who got his name from the first teacher. Teacher #2 wants us to do the same thing for her. She knows she can never sell her property for what she owes with the foreclosures driving the prices down in her neighborhood. I went to look at the property last night. She is moving on July 5th whether it is sold or not, so she is willing to walk away from it.
built in 1984
1000+ or - sq ft
2br 2 full bath
new Trane HVAC
All new appliances
new carpet and tile
new roof in 2002
completely new sewer line in 2005
Currently here is what we are offering:
She will make the July and August payment
She has to leave the fridge, washer, dryer, and draperies
She will show the property to prospective lease to own tenants until she moves.
We have no time limit to sell the property and we will manage it until sold
We had a tenative agreement last night and are drawing up the paperwork to sign this week. This is the frist subject to I have done but my dad is going to walk me through it. When we are done I can share the process better than what I understand now.
What I do know is she is going to put the property into a trust with her as the beneficiary. She will then sign the beneficiary rights over to me allowing title transfer. We will inform the bank that we are managing the property and all paperwork will come to us. When we have a signed lease she will get a copy so that when she goes to buy another house the mortgage showing on her credit will be a wash.
The cool thing is this will never show on my credit
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Gsun xjev zua jewi qutvif ov katv tiint moli zua nez ci ecmi vu fu civvis vjevt emm. :tnyG:
