Subject to or not necessary?
Hey all,
Just a quick question regarding subject to's / wholesaling. I'm talking with a homeowner now, and they are motivated to sell due to their job in jeopardy. They wish to sell for the amount they have left to pay on their loan, nothing more (I will find that number out tomorrow and if it is even worth it). I saw on their records that they took a loan out for 325K about 11 years ago so hopefully they've paid some of it off. I have some trouble with comps, when I see very similar homes going for 280K and 100K (maybe it was in foreclosure)? Anyways, if they owed 250K and hypothetically the ARV was 250K ( *70% - ~2K repairs - 3K assignment) = 170K. Obviously this wouldn't work for them. Is this just a deal to pass up on? If they were to come up with the rest of the money on their own, would I still need subject to in the contract? Even if the buyer pays the full 250k do I have to mention the subject to?
Thanks in advance!