The seller finance method of ‘subject to’ buying or selling a house in Kentucky has become an increasingly popular option in today’s real estate market. For an increasing number of people today, selling “subject to” is their only option to get from under the burden of their property. Especially when the “new” property has been inherited, and you already have responsibilities at your primary residence.
Lots of people just don’t want to sell the traditional way, choose a realtor, clean, make repairs to the house, interview potential buyers. Then sort through tire kickers, and a slew of offers. Many owners in Louisville are looking to sell the house now, this option provides the speed and convenience they desire.
Take The Weight Off Your Shoulders
The sell my house “subject to existing mortgage” method of selling a house can be the answer for a lot of home owners who are running out of time to catch up payments, owe more than the house is worth, or whom may be facing other hurdles. Or just not wanting to deal with the property anymore. As a homeowner, you’re already going to be making monthly mortgage payments. As part of the ‘Subject to’ method of real estate, your buyer will agree to take on those monthly mortgage payments, right where you left off. It’s a win win for you, and the potential buyer/family, while ending your responsibility of maintaining or dealing with the property
The seller finance ‘Subject to’ method allows people to get around many of the obstacles in their way, so it’s understandable that people would be suspicious of it. However, the “Subject to” method is perfectly legal. Real estate agents and experts will actively recommend the ‘Subject to’ method to clients who are in situations where they have very little time to act and much to lose. The closing documents will have all the details of the transaction laid out line by line.
The ‘Subject to’ method differs from owner financing. In owner financing, it is literally the owner who finances the property instead of the bank. Owner financing is a good option for owners who do own the property but who do not pay mortgages. If both parties have more equity and large loans to deal with, owner financing might also be a better option. However, in cases where the owner doesn’t have a lot of equity, the ‘Subject to’ method is still going to be better.
Why Buyers Choose the ‘Subject to’ Method
For the most part, the ‘Subject to’ method tends to get discussed in terms of how it is going to benefit the seller. The ‘Subject to’ method has plenty of clear benefits for the buyer as well.
With the ‘Subject to’ method, it’s like someone is handed a house with the mortgage payments already in place. The buyer can pay the property off gradually in the manner of all other seasoned homeowners. If buyers don’t make the payments, the proceedings for the foreclosure may begin. When working with an investment firm like us, we can help you move fast in the sale of your home through many avenues. You will avoid credit damage and foreclosure.