Interested in Subject to purchase
Can anyone recommend an escrow agent who is experienced with a purchase "subject to existing mortgage?" I've contacted 3 in my local area, Kansas City, KS, and each one "declined" because they felt uncomfortable with the deal.
Although they declined to comment on why they felt uncomfortable, I am assuming it because the bank is not notified of the sale, (to prevent them calling the loan,) and/or because the sale will be handled through a representative with a POA, as the owner has moved out of the country.
I've also been required to explain what a "subject to" purchase is. That tells me there are not a lot of escrow agents who are experienced with this type of sale. I have had a rental property in Colorado for many years, but this is my first investment of this type, so I really need someone who is experienced in this area.