"SUBJECT TO"

2 Replies

Hello all! I am new here, so please bear with me. My wife and I own one rental home, and our current home, but would like to acquire more homes through "subject to" deals. I understand the basics, I take over the home, make the payments, the home is deeded to me and the loan stays in sellers name. But, I don't know what steps to take from there. If I find a home with a willing seller, who do I need to report this to? Does anyone in the city need to know? Do I get an actual deed? Like I said, I'm a newbie. any advice? I already plan on contacting a lawyer and getting a contract to be ahead of the game if I find a deal, but what do I do after the paper is signed? Any advice would be appreciated.

Thanks!

Originally posted by @Fernando M. :

@Paul Ostler:

I found a great post about this not to long ago something  I been looking into as well. 

123-real-estate-investing-Subject To

 The first part of that is fine, then it gets into pure garbage, never use a power of attorney, never!

Sub-to is a sale, title is transferred to the buyer. Let a title company request a payoff amount from the lender. 

Search the forums as the Sub-To is well covered, in depth, by a very few who actually know what they are talking about. Figure out the difference between a "popular" poster and an "educated" poster. :)

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