subject to financing

do you mean in the contract to buy your home if so it is a fairly common clause in todays market with it being harder and harder to qual. for a convential loan. I have a friend of mine who used that clause to buy his home and he got an extention to get it all done

You can purchase homes this way, usually means the current owner cannot make his or her payments because they may be getting close to going into foreclosure because the homeowner has probably recieved a notice of default already being this is the time its in preforeclosure really this is the best time to get the property. The only thing is if the lending institution finds out you took property subject to the existing loan, I think this is what your talking about, they can act on there "due on sale" clause in the buyers contract or home owner. Sometimes they won't do anything because as long as they are getting there money they may never do anything. So one thing you could do is to send the lending institution a matter of fact letter stating your intentions. That you are taking this property subject to the loan and you will be making the payments on the property, because by this time you have probably already brought the current laon back to good standing. So the bank may let it ride as long as you make the payments. Just some good info for you to kick around. The due on sale clause in most instances is like 30 days to to get the bank there money. Hope this helps you.

That close"subject to financing" is necessary in a contract if you are seeking a loan.
It allows you to get out of a contract and to get the deposit/ earnest money back if you don't get the loan.

use subject-to financing to do either of your directions you inquired about. I have done a number of subject-to properties for investment purposes.

I have-over 40 homes subject to, Don't worry about the due on sale clause. NO one is going to call the loan if payments are being made.

Randy

I have a house now that I am looking at, the owner just wants to sell can I draw up a contract like that? He might just rent it out to me, because I am looking for a house for myself right now to be closer to work. How could I do a contract so I make the payments for his mortgage, he would still have it in his name but I would like to be able get the home where it is basically mine. I know I have to get financing eventually but right now I can't because of credit, can you advise? He just wants what he owes he says. Other than a lease with option to buy is there another way to do a contract?