Offlinehttp://www.trulia.com/blog/taranelson/2011/04/5_real_estate_and_mortgage...
Not sure where this post should go.
Will someone who understands 'subject to' please read this persons blog and respond?
I tried but I am not forceful on this subject due to lack of practical experience. Someone like Randy who knows this inside and out can stop this person from diseminating more of her own myths.
My last response did not get posted.
I'll look for your replies!
__________________
" The only difference between me and successful people is they started before me."
by Shane
investing of any sort is a risk a person is willing to take, but when you invest in Real Estate it's what I've learned to call a calculated risk.
Let's touch base on "Due on sale" clause, the only way the bank is going to exert his option on this clause whould be if they found out the owner is holding a mortgage.
How else could they find out unless you the buyer or the seller told them?
this is a risk I am more than willing to take if you ask me.
she also mentioned pennies on the dollars are over, she is absolutely incorrect!!! I see it happening every day over here in Naples, FL in REO's FSBO's, Short Sales, ETC.. there are TONS of great deals out there, and yes rehabers asking price are steep but the asking price does not really matter at all! the sales price is what matters. if you do your homework and submit a detailed low offer you are more likely to get the deal than the one how simply submitted a low number on the offer.
you have to explain why your offer is so low.
Anything is negociable in this economy or any economy, every single seller has a unique reason (Button) of why they are selling. find the reason (their Button) and press on it as often as possible that will get you a great deal!!
you say you are not sure where this post should go.
I wish they had an skepticism area because that would be exactly where I would place it.
"Obstacles are what you see when you take your eyes off your goal"
Dean Graziosi
Live, Love, Laugh!!!!!
financing is alive and well. Sure, you have to do a couple things differently as opposed to a normal sale. And sure, there is a risk of the mortgage being called due. But on balance, this can be a great alternative for all four parties (seller, investor, end buyer and bank)as compared to allowing a house go into foreclosure. But do not attempt one UNTIL you really know what you are doing or you can really cause everybody some harm. And lastly, if you take over the mortgage make sure you pay it....that is your responsibility.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
No I have no intention of doing this right now.
My concern was that misinformation on that blog might prevent someone from looking in to this avenue. I was a afraid that someone - buyer or seller - might not get the help they need because of a blog like that.
Skeptisism area!
I love it.
Maybe it should be called 'someone who didn't do their homework'.
Drives me nuts
" The only difference between me and successful people is they started before me."
by Shane