Subject to the existing mortgage is a sale when you agree to sell your home for the mortgage balance on your home. The purchaser takes over your mortgage and pays your monthly payment, including taxes, insurance, HOA fees, repairs and maintenance until the mortgage is paid in full or the Purchaser sells the home. There are no closing costs, real estate commissions or hidden fees for the seller to pay. The sale can be completed within a matter of days once the seller and purchaser agree on the terms of the sale with signing a purchase agreement, disclosure and deed.
Sellers who find selling their home “Subject to the Existing Mortgage” usually have tried “For Sale by Owner” marketing without any success. In some cases the Seller may have listed their home with a Realtor for several months and the home didn’t sell. Selling “Subject to the Existing Mortgage” is appropriate for homeowners who are struggling to make their monthly payment or may be facing foreclosure. Sellers who are tight for cash might find this is a solution to “get out from under”, with little or no equity to lose, solving a cash flow problem.
The advantages of the “Subject to the Existing Mortgage Sale” are it can happen on the Sellers timetable. If you aren’t able to make another mortgage payment and your home is headed for foreclosure the Sale can be completed within days. If you want to give your home “one last try” to sell we’re in agreement with you. Once the agreements are signed the Seller never has to worry about paying another mortgage payment, property tax, insurance, HOA fee or major repair bill. The mortgage does stay in the name of the Seller, with the Purchaser assuming the entire responsibility of making the payments on time.
As long a JTF Property Group has been purchasing homes we’ve never had a late payment or an unhappy Seller. We are committed to making each Sale/Purchase a success story.