Subject to in real estate is a property that is sold with an existing loan or mortgage. The mortgage remains in the seller's name, while the homebuyer assumes the mortgage balance and takes over the payments for the remaining life of the loan. Before entering into an agreement, a terms are negotiated with the seller and the buyer will be given legal title to the property. This type of financing usually benefits sellers who are behind on mortgage payments and are facing foreclosure. Subject to can be combined with seller financing if the seller has equity too. A promissory note and a deed of trust between the buyer and seller will be created stating the monthly payments, repayment schedule, and consequences of default.
Here at We Love All Homes, we care about creating win-win situation ensuring everyone walks away happy. We offer different solutions with hopes that we’ll be able to cater to your needs of selling your property in an efficient and stress free process. If you have any questions or want more information, our team is willing to hear your questions and assist you in every step of the transaction. Give us a call at (469) 278-5635, to verify if this is a great fit for you!