Questions about a Subject to deal in Fort Wayne, Indiana

[Drew Wiard]

Hey BP nation.  Question for you...

At this point, I have done several RE deals.  However, never done a Subject To.....just never had a case that necessitated it.  Well I have found one, but need your help.

Owner has roughly 10k equity in the property that has an ARV of roughly $140k, and needs little to no repairs. There's not much meat on these bones, but they have a 30 year loan fixed at 3.5%. I already have a buyer who wants to buy the home on Land Contract for $150k @ 7.5% over 15 years w/ a $20k down payment, ready to move in the moment I buy said property.

The question isn't whether or not to do the deal.  I'm in.  The question is how.  The steps.  The paperwork, etc...  I have done Land Contracts several times, so I have that piece down.  I need any insight the group can offer on the Subject To steps.

I plan to hit forums in a moment, but any ideas, suggestions, links to other articles, etc... would be GREATLY appreciated!  Thanks!

[Jeremy Tillotson]

@Brandon Hicks and Registered Loan and Mortage Originator is important in seller financing deals, to keep one Dood Frank Complaint unless you meet one of the exemptions. I have chosen to play it safe and legal. Cost about $950 payable at closing.