The subject property has been on the market well over 120 days.

Hello,I have recently gotten a seller to sign an agreement to a subject-to deal.

So if your purchase has a ton of equity, there is a possibility that you can have another auction - called a short date sale, to be held in front  of the subject house.

the est min bid starts at $4600, adjudged value 128k and in the notes it states: LAND/IMP; SOLD SUBJECT TO 2022 TAXES; HOMESTEAD.

Fannie Mae's guidelines verbatim are as follows:Must be occupied by the borrower for some portion of the yearMust be suitable for year round occupancyBorrower must have exclusive control over the propertyMust not be rental property or a timeshare arrangement (this has the following disclaimer in the guidelines:  If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).Cannot be subject to any agreements that give a management firm control over the OCCUPANCY of the propertyThis means that as long as you intend to occupy the property some portion of the year, you could absolutely rent it while you are not using it. 

When I gandered at a $400,000+ mortgage balance, I first assumed it was a subject-to deal.

You basically divulge your  “sin” by trying to claim it and then you can be subject to the consequences that may come by having left it off the transaction.  

Ancillary probate might also be required in the state where the subject property is located… so you might have a local PR to deal with. 

He won't be able to get another VA loan if you buy it subject-to.

Saying that Agent commissions are too high in the United States is subjective and we can debate or discuss this for several hours.Hope this helps.Thank you