Comments on: Buying "Subject to" Existing Financing – Subject to Foreclosure

By: Jay

Jay — Fri, 06 Nov 2009 23:22:57 +0000

On the flip side, it can save someone’s credit if they cannot any longer afford their mortgage or can’t sell given the current market conditions. Seller financing can work out. The seller should check their credit every month to insure the payments are being made.

By: Jerry Maleesh

Jerry Maleesh — Sun, 09 Aug 2009 22:07:51 +0000

Does anyone know if credit checks are common place in a purchase option? We are trying to invest, but since I was laid off we cannot get our hands on the equity in our own house right now and are looking into other purchase options. Our credit is fair but not great. We are trying to purchase option and then get a tenant buyer in the property.

By: Micki

Micki — Mon, 03 Mar 2008 09:39:46 +0000

O yeah. We have to be very careful with that.

By: morocco property

morocco property — Mon, 03 Mar 2008 06:05:36 +0000

Nice post. Thanks for informing for potentional dangers hiding inside property deals. Documentation is very important of any deal and core in case of big deal.

By: Tara Jacobsen

Tara Jacobsen — Sun, 02 Mar 2008 11:51:12 +0000

I have never understood the concept of lending your credit and loan to someone else. I generally see this done because the buyer could not qualify for a loan on their own merit. In Florida we are seeing a lot of lease options where the first years rent is increased to add to the down payment and then the home is sold outright. At least this way the seller will not face the same situation that they did with Investorina since they are responsible for paying the bank until the house is sold.

By: Steven Boorstein

Steven Boorstein — Sun, 02 Mar 2008 07:05:57 +0000

Milton, nice post. Subject to has gotten a bad rap as you can see from the states that are trying to put law on the books to prevent it. Investorina seemed to be pretty ethical, but there are a lot of unethical investors out there too that don’t care about sellers and figure better the seller gets hurt then them. I’m not opposed to sub2 deals and I think your story just goes to show some of the unseen problems investors don’t think about. It also show how this is real money and real financial lives that we deal with when we run our businesses.

By: Buying “Subject to” Existing Financing - Subject to Foreclosure | The Long List of Odysseus Medal Nominees | Realtors and real estate, mortgages, lending, investments

Sat, 01 Mar 2008 16:56:20 +0000

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