Subto Solution for On Market Property

[Evans Wright]

BP Team! I have a scenario that I believe subto can help be the solution but I have never done it before and would like your input.

Scenario:

Preface - This property is listed on the MLS and I am the buyers agent trying to come up with a way to creatively acquire the deal for my client. Listing agent is also an investor so they will get it.

Seller purchased property (Condo) back in April 22 for $300k, put $15k down, and about $15k in renovations to owner occupy. They ended up having to move for work so they want to sell but don't need to. Originally listed on MLS for $336k and is now at $332k with 27 days on market. They have got other offers but they have been low and seller thinks worse case they can rent it out but still doesn't want to if they can get an offer that allows them to feel like they won't lose too much money.

My thought is to submit an offer subject to at $325k, assuming the loan amount remaining is somewhere around $282-285k the buyer will cover the difference as down payment. 

I have not confirmed the interest rate yet but during that time period we were around 4.5-5% but when I speak to the listing agent about the idea I will confirm. Regardless, it will make more sense than current interest rates. I spoke to a closing attorney and they said they do about 70% of their business with subto deals and they told me to just download their subto offer form, fill it out, get it signed and they handle the rest.

I just need to know if there is anything else I am missing or need to be made aware of. I did advise the buyer about getting a lending servicing company to handle payments. Feedback is appreciated, thanks.