Subject to Contract

[David Sandoval]

Hello guys, I'm a newbie and want to do my first deal as "Subject to" existing finance on property in foreclosure. Where can I get a good template or contract with favorable contingencies? Any help or advice is greatly appreciated.

[Account Closed]

Originally posted by @David Sandoval:

Hello guys, I'm a newbie and want to do my first deal as "Subject to" existing finance on property in foreclosure. Where can I get a good template or contract with favorable contingencies? Any help or advice is greatly appreciated.

"Danger, Danger Will Robinson" (the robot used to say that on Lost in Space.)

Taking a foreclosure Subject To is a very advanced technique with lots of pitfalls in a state like California. At a bare minimum, bring the loan current and give some equity to the seller. Get a Title report, close through Escrow and have an attorney involved. Get all proper disclosures and understand the risks. Keep lots of money in reserve to make the payment every month without fail regardless if you lose your job. Have an exit strategy.

Use an attorney. Do not use a real estate agent, they are not equipped for this.