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Subject 2 is a creative way to purchase a property in which the buyer simply steps in the shoes of the seller assuming their existing mortgage. The transaction can be insured through a title company just like a conventional transaction and has become more common and mainstream recently now with interest rates spiking so high.
Opportunities and Benefits
Traditionally sellers clear the following items off title in order to close and now with Subject 2 each of these items are opportunity for the buyer to clear rather than the seller and get paid for doing the work.
You simply take over payments or pay mortgage off on your time line.
- Mortgages - The existing debt stays on the property, and you simply take over payments
- Liens - Depending on what type of lien these are normally negotiated, and some removed completely with no cost
- Foreclosures - An attorney is needed to manage a property in foreclosure but is also a very simple process as long as you have all the facts
- Probate - This is a very simple court process to confirm ownership. Probate is needed for title insurance, but is not always needed for legal ownership
Each one of these things are opportunities for discounts in which you can receive the benefit immediately.
Buying Subject 2 involves a straightforward process, allowing you to acquire property with minimal cash, secure a low-interest rate, incur minimal closing costs, bypass a qualification process (without credit or income checks), all without impacting personal or company debt-to-income ratios.
Buying Subject 2 involves a simple process, allowing you to acquire property with minimal cash, secure a low-interest rate, incur minimal closing costs, bypass a qualification process (without credit or income checks), all without impacting personal or company debt-to-income ratios.
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Pick a property and submit an offer
Negotiate and contract
Fast & Easy closing
Frequently asked questions
Disclaimer: The information provided on this website is for informational purposes only and is not intended as legal advice.