Real Estate Agent · Norfolk, VA · Member since 2015 · 36 posts · 5 votes
Property is currently being listed for 90K. Very little showings are taking place right now. He owes 75K. He lives out of state and really needs to let this go. 3/1 at 1200 SF. Pretty good location. The property needs carpeting or flooring, definitely kitchen flooring. Moderate update to the overall kitchen, the bathroom is okay. All windows need to be replaced. Other minor issues, loose railing on front porch. AVR on a reasonable rehab, around 130K. I think he'll accept 80k, 75K to satisfy the loan and 3-4 thousand. I'm thinking a subject to. Just so that I'm clear on a subject to, the loan remains in owners name, the deed would be signed over to myself. Deal or no Deal and am I missing something. Thanks
@Bernard H. You're correct about the subject-to. I'm assuming you're going to buy and hold on it this property. Have you calculated the monthly expenses and capital expenditures for the property?
If it's a subject to deal then the loan is not truly "satisfied" so I don't see how this would make it through the normal closing process for a purchase off the MLS. You would need to talk with the listing agent to see if he or she sees any way to make that work.