Subject To + Owner Financing possible?

[Ryan K.]

I want to buy a property to use as my home residence. I want to do a Subject To with the owner. They owe 65K left on their mortgage. The house appraised at 100K. I'm going to buy it for 90K. The remaining 25K I want to draw up a private deal over X amount of years to pay the owner. 

IS THIS LEGALLY POSSIBLE?

IS THERE A BETTER WAY?

I DON'T WANT TO GET A MORTGAGE AND HAMPER ME BUYING RENTAL PROPERTIES (I already have 2 mortgages).

[Jay Hinrichs]

banks have the right to call the loan.. does not happen often but it can.

and so you would need to be in a position to stroke a check and pay the bank off .. the sellers second would then go into first position.

Or you need to be able to refi.. the whole 90k.. 

without those two exits available to you.. then it becomes a terrific risk for the seller.. and if the seller seeks professional opinion guidance most lawyers would advise against it .. unless you have very strong financial ability.

its not you we are worried about in this scenario is the sellers credit and equity that are at risk.  you have no money into it .. so no risk for you