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Updated almost 9 years ago,
"Subject To" protection
I have a property that is in pre forclosure status. I have the opportunity to pick it up "subject to". I have the option on my exit strategy to either hold it and rent it to pay the notes or do a "lease option" and attempt to sell that way OR just outright wholesale the property. It is 5 months in arrears in payments and they would need to be caught up immediately. Im certain taxes are that far behind as well unless escrowed. Insurance too.
Im asking for opinions but what i really need is a contract that protects me from the seller reclaiming the property once the note, taxes and insurance is current.
Please elaborate or point me to the correct source.
Thank You
Michael