All Forum Posts by: Tiese C.

5 years ago I did a 'subject to' on my home. However, my name is still on the mortgage. Investor on the deed. The investor told me that I had to keep my name on the mtge for 5 years-which is this month. I had someone look at the paperwork & of course, that timeline was not put in the contract. 5 years ago, the investor also told me that I could take the house back. How can I get my name off the mtge- I do not want to be tied to the house. The loan was thru VHDA. I am so hurt, disappointed & feel I was hoodwinked. Any suggestions would be greatly appreciated!!!

I apologize for not responding sooner.  I did not get any alerts for replies.

@Account Closed-he said he's not going to buy it back bc there's no equity. There wasn't equity when we did the 'subject to' & the neighborhood is not going to increase in value any time soon. I want to move out of the state in the next 3 years and don't want to be tied to VA. I asked him to deed the house back to me, then he mentioned the work he put into the house. The house was a newly renovated house, so in the 3-4 years that I lived in the house, nothing changed. I also believe he is a member of the REIG; I am a member as well. Oh, he did say that I could do a short sale-I said that is not an option bc I have excellent credit and I am not doing anything to jeopardize my credit. He denied everything about the 5 year time limit. I've had it marked on my calendar since the 'subject to' was done. I will go thru the paperwork and update this post.

Thank you both!  :-)

As a first time home buyer, I purchased my home in 2009.  I wanted to move on,  but because there was no equity in my home, I did a 'subject to' on my first home in 2013.  The investor said I had to be 'tied' to the mtge for 5 years, which is up in January 2018.  I have reached  out to him, ahead of time to find out what needs to be done so that I can be removed from the mortgage.  This home was purchased for $92k with a VHDA loan, it is assumable. The investor said in 2013 that I could either have the house deeded back to me or he could buy it from me.  Speaking to him a few months ago, he  said because of the market, he's not going to buy it from me. Which is NOT what he said in 2013 that it would be based on the market.  He said it's about $82k left on the loan.  My logic, which I could be wrong-why can't he buy it from me for the balance of the loan?  Can this be wholesaled? I've been waiting to be done with this house so I can be free to purchase another property.  

Please, any advice you can give so that I can be done with this house would be greatly appreciated!!!

Thank you!

@Debra Grumbach-- thank you for the information.  I don't get it either.  I  don't know if that's because the homeowner is out  of state & she is doing everything via phone/email.  I just don't know.

I did have another question-the homeowner bought the house in 2004 for about $88k.  It appears she still owes $88k, which to me means she  took out a  second mtge.  She said she is willing to accept $38k...I was going to offer her $24k, in light of the situation.  Eppraisal-$86,940; Zillow-$53,237.  Because of what another invetor suggested, just make an offer of $20k-see if she accepts.  

Please advise

Thank you!

@Will Barnard @Debra Grumbach--thank you, both, for the suggestions.  Just so I am clear & understand... speak to the tenant, first & try to offer "cash for keys".  If the tenant accepts, do I do some kind of contract with the tenant?  Then, let the homeowner know what has  happened afterwards?  Do I, also, ask the tenant permission to inspect the interior of the property?  Take pictures?  Because, as of now, the offer is going to be very low since I can't get inside.  I'm  still trying to get clarification on the balance of her mtge.  

Will, what does this mean:

Then make your offer contract for that time period, thus arranging Odense occupancy at COE and without the need for cash for keys.

Thank you!

@Roland Paicely--  I did tell the homeowner, already, what I do.  However, I will repeat It so she  understands COMPLETELY.  

@@Debra Grumbach-- the homeowner said that I could go & talk to the tenant, but personally, not willing to approach the tenant.  If they aren't opening the door for homeowner, why would they open it for a stranger?  The owner said that she is looking to get $38k, she's trying to get rid of it b/c  of a new job/promotion that is coming up & she wants this off her hands.  If by some weird  chance the tenant was to let  me in, the offer of the $500 would be AFTER I have the house under contract or before???

@Roland Paicely--I definitely agree that the tenant is going  to do damage.  I was also told by another investor if I am to proceed, to put a contingency 'subject to inspection'.  At this point, I like the idea of the 'you  never know'  department.  On the job training works for me.  :-)

@Matt McConkey-- the homeowner has not started anything. I  will be going by the house by Monday to take some pics.  The homeowner lives  out of state & hasn't, actually, seen the property in a year.  She stated she has friends or family who live in the area who have helped with repairs and so forth over the years.  I have to look at the podcast for finding the comps for the property.  I was told by an  investor to offer $25 sq ft since I am  not able to get inside the house.  She is willing to accept $34-$38k, my guesstimate offer was going  to be $24-$28k, but if I go by the suggestion of the investor, the offer would be $20k bc the house is about 750-760 sq ft.  What do you think?

@Roland Paicely, the homeowner said she did a 'gentleman's agreement' with the tenant.  The tenant has been living there for 4 years and until the last 3 months, had been current with the rent.  The homeowner said that she sent a certified letter to the tenant, which they signed for, stating that they have to be out by the end of September.  She said she  sent two additional notices that the tenant did not sign for.  Roland, how do you  know there are investors who would still buy if the tenant refuses to  leave???