Selling a subject to loan
Might get a house subject to the seller financing very soon with no money due to seller in the deal, just wants me to take over. Seller just wants out and there is only about 13K in equity. Property is in good shape so my plan is to lease option the home, but when it's time to sell how does it work with my buyer? The deed is in my name obviously, but the financing is in the old owners name. How does this work? I know it's probably pretty simple but just want to be sure. My guess is loan paid in full in old owners name and deed transferred out of my name to new owner and his financing pays off old owners loan and that's that?????