Subject to question on property I am selling

[Ben M.]

I am selling my property which has a 73k loan left on it. The loan is in good standing and no late payments. Below is an offer on my property. Will subject to transactions affect my credit in any way or put a dent on my financial record in any way?

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OPTION 1: Subject to - Taking Over Owners Existing Loan

Purchase Price: 140,000
Down Payment: Loan amount - purchase price = down payment

Terms for the remaining Balance: Buyer to pay out at closing Seller’s equity and bring any late payments current (if any), in addition buyer takes over seller mortgage and monthly payments. Buyer Pays all closing costs; (Give me a call or text for further details)

Seller Walks away with: (Remaining Equity)

OPTION 2: Subject to - Taking Over Owners Existing Loan With Owner Finance of 3 years

Subject to - Taking Over Owners Existing Loan

Purchase Price: $150,000.00

Terms for the remaining Balance: Bring any late payments current (if any), in addition buyer takes over seller mortgage and monthly payments.

Seller Finance of 3 years (Financing Half of Sellers Equity)

Down Payment: Half of Seller’s equity

Terms for the Seller Finance remaining Balance: Seller to carry back balance of Remaining Half of Seller's equity @ 5% APR with Monthly Interest and Principal Payments with a 3-year balloon. Buyer Pays all closing costs; (Give me a call or text for further details)

Seller Walks away with: (down payment + equity that was financed)



NOTE: BUYER WILL ALSO ATTACH A PERFORMANCE DEED WHICH THE SELLER HAS THE RIGHT TO TAKE
BACK THE PROPERTY INCLUDING THE DOWNPAYMENT, OR EQUITY GIVEN AT CLOSING AS WELL ANY
IMPROVMENTS THAT HAVE BEEN MADE TO THE PROPERTY. IN ADDITION, IF BUYER IS UNABLE TO
PERFORM ON MONTHLY PAYMENTS AS AGREED, THIS IS ATTACHED TO GIVE SELLERS A SAFTEY NET
AND PROTECTION THROUGHT THE TRANSACTION!