i am a new investor looking at this option does anyone know if subject 2 can be done in my state? thanks in advance
Hi,
Subject too, is basically the same as an “All Inclusive Trust Deed” or a “Wrap”. Various wording’s are used in different area’s of the country.
Call your local title, escrow or attorney closing company and ask a senior closing officer your question? They will definetly have your answer.
You should be able to get it without supplying any personal information.
Good luck,
GR
ah, Yes, you can conduct subject to the existing financing deals in Wisconsin. I have, and most likely will again in the future. (I’m partial to lake front property in that state, simply great).
Also, for the poster who said an “A.I.T.D.” and “wrap around mortgage” are the same thing as “subject to”, not really.
As the term subject to is used here, this is a completely different animal.
When we say sub2, or subject to here, it means to take title to a property, and leave the existing financing in place, and maintaining it, without lender approval.
With an A.I.T.D., or wrap, this is where you create a new note or contract that wraps around the existing financing, and the seller remains in the picture by collecting payments, usually with a balloon payment due.
Happy investing,
Jim FL