Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Cory Basham
  • Investor
  • Fort Lauderdale, FL
0
Votes |
1
Posts

Anyone have exp with Subject to Financing?

Cory Basham
  • Investor
  • Fort Lauderdale, FL
Posted

Looking for some advice/guidance...Does anyone have experience with "subject to financing"? I am not that familiar with this type of transaction, but may have a situation that fits the bill. Would love to hear some feedback on this.

Looking to buy a house from a really good friend. His mother is going into an assisted living facility and needs to sell...all they are looking for is to pay off the mortgage owed (about $108K) I would prefer not to come out of pocket to satisfy in full b/c i have other projects going on and i'm a bit cash strapped until they close. Since we are good friends, i was thinking maybe a subject to financing option could work. I can afford to pay the monthly mortgage on the place and do the necessary rehab work, just don't have the capital to shell out $108K + rehab costs.

They would probably be okay with this, just would like to know if there are any challenges/hurdles i will face? What steps are involved in moving this forward? Do i just transfer deed and then deal with the lender? Do i need to speak to a title company to get legal clarification? Any chance the lender will ask for payment in full when the deed changes hands? What about HOI, what changes with that?

Loading replies...