Cody and I break down what is subject to in this clip from Sunday Service.
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What kind of deed do you get in this sort of scenario? General warranty deed? Or quitclaim?
I’m sure this has been brought up before, but what is the benefit to the seller? Won’t they have the debt still on their credit so if for instance they wanted to get another property they would be stuck because they already have a large debt on file. Wouldn’t you need to tell the seller you’ll pay it off in a few years through traditional financing so that you can make the debt whole.
No money. I want to get a 4plex if not at least a duplex seller financing or take over someone else payments can you help me acquire??
Can I live in a “subject to” home
Want to listen, but the background music is a no for me. SAD that I cannot hear you.
But for how long? Until it’s paid off?
Now are you adding your name to the deed or are you taking there name off and putting yours? And since the mortgage is still in their name could they potentially come back later and add there name back to the deed
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I need the paper work to do this asap. Thanks
You own the dept (to amex), therefore you are the owner of the groceries
Only people in desperate situations would allow someone to use this strategy… good for tricks with people you can trust
My question is why wouldn't people just sell their house rather than agreeing to a sub to if they can't afford the mortgage?
How is it possible to transfer the deed to your name without the bank sending you an acceleration clause?
How you convince the seller? because if you miss a payment it is credit the one who its gonna be affected.
great analogy, question what if you agreed to this as a seller and the buyer breaks contract, I signed the title over without notifying the bank when the bank come after me and sell the house do to foreclosure if it get that far the lender will then come after me for the rest of the balance can I then go after the subject to buyer for that balance since they broke contract ?
f I get a Deed from a subject to property can I still qualify as a first time home buyer for a mortgage loan ?
How do you convince the seller that you will not default?
I wish I could afford your one-on-one stuff because you really do have a gift. You made that so easy to understand when it flew over my head for TWO YEARS! 🙂 Just… thank you.
What if the seller has equity in the property they want to retain, is that simply paid to them?
What do you do with the property taxes if the sellers mortgage company pays it?
So once you take over payments and they transfer the deed to you i.e. (subject to), what’s to stop you from kicking that person out of their home?
How can u assume the loan through ownership with out proving u can pay
Analogies are not useful teaching tools. They waste time and miss details.
Im a seller, and a buyer is offering a sub-to. My question is, how does that affect my credit if they are late with the mortgage payment?
The Credit Card example is a good illustration but is inaccurate.
A credit card represents an Unsecured Credit Contractual Relationship between the credit provider and the credit card holder.
A mortgage is by nature a “SECURED” Debt obligation, meaning that the loan provided to the home buyer is secured and collateralized with the property.
If the buyer fails to honor the loan agreement, then the lender has the right to retain the property used as collateral for the loan.
Otherwise the lender is placed in a disadvantaged position
That was the best way I’ve ever heard it explained. Hats off to Pace
I'd like to see the contract used for this type of transaction, also heard the bank could call for the note, meaning pay off, but normally doesn't happen, but what if it did?? Ugh!!
How does this benefit the seller? Why would a seller agree to do this?
Still waiting for the details how you are protecting the seller against you defaulting on the payments. Your example of paying off my credit card makes perfect sense until you dont make that payment…How are you protecting the seller?
Then who insures the property?
but finding these properties …. and sellers who will agree to leave their underlying loan in place ….. ah now there's the hurdle
Does this hurt the sellers debt to income ratio if they were to buy a new house? It would show as thier existing debt still, correct?
How can I trust any body to put my house in his name but the loan is still on my name???
Do you simply get a certified copy of the deed and have the seller sign it over to you?
Pace, i need the path. I don't have a ton of money but im a contractor and could benefit from this process. I'm pretty smart and understand subject 2 but i need the process for the agreements, how to run the trust with the clients, i want to buy real estate without a ton of money out if pocket …i can find the deals myself pretty easy im know in my area for construction, and also have a name with my family.
Can this be done on a conventional loan? I can take over payment but im self employment & dont have a consistent paycheck. How do i do the deal?
How about the mortgage payments the seller already paid so far and also the price difference between the price when the seller purchased the house for and the current market price(or the price seller wants to sell the house for now).
Ex) John purchased a house A with 30 year conventional mortgage at $300K 10 year ago. Now I want to buy his house and I am seeing that the house price is estimated at $380K. John’s remaining mortgage amount is $200K which I can subject to. But would John get his expected $380K at the end of the deal and how? Do I as a buyer, need to down that $180K in cash?