Subject To Acceptance Meaning
Description
How to fill out Counter Offer Letter - Conditional Acceptance Where Subject Matter Does Not Involve The Sale Of Goods?
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FAQ
Buying a property "subject-to" means a buyer essentially takes over the seller's remaining mortgage balance without making it official with the lender. It's a popular strategy among real estate investors. When interest rates rise, it may also be an attractive financing option for general homebuyers.
The home in its current state is worth $125,000. They want to sell their home because they're facing foreclosure. An investor pays them $25,000 in cash and takes over their mortgage payments, becoming the "Subject To" owner of the property so long as they continue to make the mortgage payments.
What Does the Subject-to Process Look Like? Identify a possible subject-to property. Talk to the potential seller. ... Analyze the deal. ... Finalize the deal with the seller. ... Transfer ownership of the deed at either the county courthouse or a title company (depending upon local laws). Take possession of the property.
For example: "Offer price $105,000 dollars, subject-to existing mortgage payoff of $95,780, with payments of $789 per month, principal and interest, (the seller's current payment) interest rate 5.5%, for 24 months. After 24 months, buyer will obtain new financing and payoff existing mortgage balance.
