All Forum Posts by: Matthew H. Miller
Matthew H. Miller has started 1 posts and replied 3 times.
Post: Selling a “subject to” property
- Posts 7
- Votes 1
Mike, how does the closing work though? I can understand getting one subject to and then refinancing it or keeping it as a rental, and I understand selling one of my own properties as a lease option when I have the loan. But selling as a lease option when the loan is in someone else’s name I don’t get. Do I just get to act as the power of attorney for the original seller or do I have to pay that mortgage off before I sell to the end buyer? And what all paperwork is involved. I love the concept, I just haven’t grasped all the facts yet.
Post: Selling a “subject to” property
- Posts 7
- Votes 1
Ok hypothetical situation. I get a house "subject to" from a seller. Current FHA loans require the owners to be in the house a certain amount of time before selling. Am I the new owner? Or is the original owner still the owner? That's one thing I'm curious about. Another is a double closing. Is it possible to double close without using transactional funds or anything like that? I don't understand how I can sell something to a buyer that I haven't even technically bought myself yet. There are lots of books on buying and selling strategies but man hardly any of them elaborate on the closing parts of the deal. If you know one that does, please share.
Post: Selling a “subject to” property
- Posts 7
- Votes 1
I have been reading about acquiring property via “subject to” deals. Now I understand the concept of taking ownership of the property but how do you go about selling it? How does the whole closing process work with an end buyer when you have the property subject to with the original owner? That’s confusing to me. It’s about as confusing as a sandwich lease option and trying to double close. I love the concept of selling using a lease option but I’m not real sure about a sandwich option and being caught up in the middle come closing time. Same way about the subject to deal. Would I not have to pay off the existing mortgage with the seller before I could sell it to a buyer? Or is there some type of double close strategy for subject to deals I haven’t heard of? All of these no money strategies seem neat until closing time rolls around then it all gets confusing.