Subject To - Step By Step

3 Replies

Hello there,

My lawyer has a divorced couple with a foreclosed property. Husband is willing to transfer his portion of the deed to his ex-wife who is willing to stay in the property.

My lawyer handling the case needs me to education him about how I can acquire the property by helping the ex-wife to stay in it.

What type of offer form should I use? This is my 1st Subject To. Need help...

The state is PA.

Thanks

Find an experienced real estate attorney. Seriously. You shouldn't need to educate your attorney. 

@Sadio C. I definitely 2nd what @Account Closed said. I had to "interview" 4 attorneys, before i found one who was familiar with creative real estate transactions. 

Also, I would never let a Sub2 seller stay in the house, ever and ESPECIALLY in cases of foreclosure. Feel free to google "equity skimming". If the husband/wife combined couldn't afford to make the mortgage payment, what makes you think the wife alone would be able to pay that AND the profit you'd expect by renting it out. If you're going to take the property Sub2, it should be on the condition that both parties vacate the property.

Thanks a lot Lloyd and Jim. What you said makes 100% sense.

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