Subject to scenario and questions
My wife and I rent our home while she is completing residency. Our landlords are experiencing a change in circumstances and need to sell the home. We will not qualify for conventional financing with nearly $500k in student loan debt - Dr. Loans included. We are considering offering to purchase the home subject to, and then refi out next summer. The owner is looking to sell to an investor, or someone, who will take the home as-is with us living in it until the lease is up.
The home has some problems. Should we have the home inspected by a home inspector or a general contractor?
Once we know what we are up against, and the cost to cure, we are thinking of offering to purchase subject to. We don't think they have any equity - and they have told us that our rent doesn't cover the mortgage, but how do we structure to buy them out if they do have equity? Do we give them a note for the difference?
Is there a great thread on subject to that I'm missing? Is there another solution we should consider? Thanks for your help. We really want to buy this house, if at all possible.