What mortgage info is needed to determine your numbers when buying subject to?
Eric, Before buying subject to a loan, why not find out who the lender is? Then, contact the lender indicating that you are interested in buying the loan for cash. If the lender is willing to sell at a discount, you enter into an escrow to pay off the lender. If you don't have the means to come up with the cash needed, obtain a new loan against the property that you are buying with a simultaneous close with the lender and the purchase of the property. These days, you must give full disclosure to avoid lawsuits. So, it is always better to come up with the cash and buy out the lender before the close of the buy escrow. One of the buying techniques that I use to buy fixers or vacant properties or distressed properties is to find who the private lender is and contact them to buy out the loan. Lenders usually know what is going on with the property. If it is in foreclosure, the private lender will usually take a steep discount to sell for cash now rather than to go thru foreclosure.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!