im new to RE and im have trouble understanding sub2.
In a nutshell, it’s when you agree to make payments on an existing mortgage for a seller in exchange for them deeding you the property. The loan stays in the seller’s name, but the property is now yours.
so do you have to get them current on their back interest?
[Edit - Yes, you are morally responsible for getting them current on their back interest.]
so what would be the best way to find sub. 2 houses? what do i look for, being that they are still occupied?
thank you for your help on this subject.
Aside from unkept lawns, vacant properties, and plain ugly houses, you probably won’t find too many Sub2’s by just looking at properties. You will need to do a lot of marketing and researching
Direct mail to people who are behind in taxes, who have recently divorced, whose spouse has recently passed away, etc. Put ads in newspapers and “free” circulars. Hand out and place biz cards wherever you can. Look up county records for information about houses in scenarios listed above. Talk to neighbors in your farm area. And so on.
thank you, those are sum great ideas. what other avenues are there to assume possesion of a house. i am very eager to learn as much as i can.