help me explain "subject to existing financing" a realtor

[Mark Updegraff]

Hi All,
I'm just now starting to explore the possibility of Subject to existing financing.

Can someone please help me explain this to a listing agent?

I just got off the phone with absolutely no luck. The realtor told me that what I suggested was illegal.

How can I explain this very straight forward covering all aspects like property taxes, back taxes, the existing mortgage(s)

Let me give you the run down.

4 unit (2 x 2bed and 2 x 1 bed)
Listing Price: 160K
taxes = 4K
Insurance = 1.5K
Net Income = 2400 / month after about 10K in updates / labor.

Owner's husband died, she can't manage the property, tenants have not been paying rent. She is back on Property taxes & mortgage payments (12K in Property taxes, not sure about the mortgage, she has been making "partial payments" for some time now. All current tenants will need evicted, and will probably be stubborn about leaving.

My max purchase price if bringing my own financing would be 110k - 120k

being subject 2 I suspect I can offer more so long as the net income covers all the costs and leaves some positive CF. That exact number could be calculated.

What I need now, is help getting an agent to present this properly!

Sorry, still a bit confused about how it all works
Mark

[Account Closed]

lots of agents don't understand creative financing.......the ones that do don't like them bc where is their commission in the deal?? best bet is to get to the owner yourself. some may think this is rude or the agent may get pissed, but even if you get the agent to understand what you do, he most likely won't present it to the seller in the right wording