StreetsofSilver
New Contributor
I just attended a seminar where one of the rehabbers from a famous "Flip" tv show mentioned that they acquire their properties "subject to." Their team contacts distressed property owners and takes over the financing. There is no mortgage involved.
I have done a few successful lease options, but I'm not sure that I understand the "subject to" concept.
1) How do you get someone to trust you enough to give you their deed and take over their mortgage payments?
2) What about the due on sale clause?
3) I believe that you have to get a memorandum of deed to cloud the title. Is this the same as a quit claim deed?
Also, if you have ever bought a property subject to, please share your experience. Thanks in advance.
I have done a few successful lease options, but I'm not sure that I understand the "subject to" concept.
1) How do you get someone to trust you enough to give you their deed and take over their mortgage payments?
2) What about the due on sale clause?
3) I believe that you have to get a memorandum of deed to cloud the title. Is this the same as a quit claim deed?
Also, if you have ever bought a property subject to, please share your experience. Thanks in advance.
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