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Updated over 2 years ago on . Most recent reply

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Amani Clarke
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Structuring A Creative Deal, I have a quick question

Amani Clarke
Posted

Hey guys so I've been talking to an agent regarding an on market 4 unit property in Brooklyn. He told me that the seller is open to selling on terms/ creatives however there is a mortgage on it that apparently can't be assumed. They've owned the property for about 2 years so there's about $500k in equity which is what I offered as a down payment. Ultimately I need help structuring this because it cant be a regular sub 2 since the mortgage is not assumable and it cant be a regular seller finance since it's not owned free and clear. Any advice? I also have no idea how or where to get the paperwork from to set this up. As you guys can probably guess this will be my first creative deal. 

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Eliott Elias
  • Investor
  • Austin, TX
5,562
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Eliott Elias
  • Investor
  • Austin, TX
Replied

Subject to is different from a loan assumption. With a subject to, the loan stays in the seller‘s name and you take over the payments. You can do this, but the seller runs the risk of the note being called due. That is a pretty sizable down payment, I would reconsider that.

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