Should I ask the seller to Refinance?

Question

When you do a subject to and the seller has equity and he is willing to do a subject to BUT he wants his equity.. what do you do? Do you ask him to refinance to pull out his equity and then you take over his payments? Should I do that? Will I have more interests if he refinances?

Please ANSWER all questions

Bryan Devitt · Answer

Pretty demanding to expect answers to all your questions in caps. The fact you don't know one of these answers scares the crap out of me, but I'll leave that for a second. You can ask him to do anything you want, doesn't mean he has to do it. If he wants every penny out of the property and you don't want to put a penny into it then you're SOL because he probably won't find a bank giving 100% LTV. As to the part about will you pay more interest, that is a scary question. Probably but no one knows because we have zero clue what the rate is now or what it will be after a refi. He would have to have a really high rate to pull equity and keep the same interest. Either way, will the numbers still work with a new payment? There are simple loan calculators you can use online instead of demanding the rest of us guess on questions you should know if you're trying to close a deal like this