Buying Pre-Foreclosures with subject to
Hi, guys I'm a new investor. I had questions about buying pre foreclosures subject to. The method i will like to use is pay sellers back payments, repair property, give seller money to move with and take over mortgage payments. Can i get hard money to cover the back payments, repairs, sellers moving money and take over mortgage payments. I plan to sell the property once repaired to pay back all debt owed. Will peer to peer lending be a better option for this type of deal. Thanks for reading.
Most Popular Reply
It can be done, however be sure to research any laws your state has intended to protect "distressed homeowners" they can present significantly liability for investors. Also be aware of "due on sale" clauses with the sellers underlying mortgage and be prepared to take out that lien in the event such a clause is invoked.
- Josh Auxier