All Forum Posts by: Rose M.

I agree with the above posters. Where I live, probably 40-50% of the population is on a well and/or septic. Its common practice to have it pumped/inspected at a sale and a water quality and/or quantity test done on the well. It does at a bit to the expense, but I think each thing is about $3-400 each up here.

A well pump that dies can be pretty spendy to replace ($3-5000) depending on the depth of the well, because that changes how much tubing and wiring they need, plus the pump itself, and they have a special truck to raise/lower the well.

Bringing this over from the thread I started b/c I didnt realize this one was here:

What happens on a sub2, say, 5 years down the road, when the seller is over it, their issue for distress/wanting to sell has cleared up, and they want to buy a house, but cant, because of still having this mortgage in their name? Are they SOL?

This is from Grant Kemp saying he buys on a sub2 and sells on a wrap, with the down payment as profit on the front end. Clearly, this is a long term arrangement.

If you type "subject to" in the search bar of the forum, you will get tons of posts to read through. I've been reading them for days. ;)

My understanding: You take a property "subject to" the existing financing. The deed goes in your name, the mortgage stays in the sellers name. The biggest possible con, that I understand, is the possibility of it being called for the "due on sale" clause.

Also, podcast 70 breaks it down.

I listened to podcast 70 today. I've been reading this forum for weeks now.

What happens on a sub2 ( subject to ), say, 5 years down the road, the seller is over it, their issue that prompted them to sub2 has cleared up, and they want to buy another house, but cant, due to the loan on the property that you bought? What happens? Are they SOL?

This question stems from what Grant Kemp was saying about buying homes sub2, and selling on a wrap, with the down as your profit on the front end. Clearly this is a long term arrangement.