Thank you Don Tepper, once again, for being the voice of reason.
It's kinda comical how most Real Estate Agents automatically jump to conclusions about how (just because they don't know how to do something like a subject-to deal or heaven forbid bring up the dreadfully scary "option contract"), it's all illegal and everyone is a scam artist stealing homes left and right. :)
And I particularly get a good chuckle when people and Brokers like Mr. Harold Sharpe say "I'm not sure if this is legal but......" and....."Be wary of the buzzards who have no license and no responsibility. These scammers are out to profit off of you, have no remorse, and don't care what carnage they leave behind." Or when Brokers like Mr. Michael E Thompson automatically say..."get their names and report them to your state Attorney's general office so they don't take advantage of others."
News Flash.... There ARE people out there who have invested their time and money to learn other ways to buy and sell houses. And now for the REALLY SCARY part... we can actually make money doing it while creating a win~win for everyone. I know...i know.... Kinda hard to believe, huh?
Maybe if just a few more Real Estate Agents out there would take the time to educate themselves, they could see that, YES there ARE people out there who don't have (((clearing my throat......))) or want a license and create solutions that a typical Real Estate Agent can't fathom. Better yet, take a minute and go onto http://www.Realtor.com
where they sell books on Subject-to's. Go ahead.....i'll wait patiently. Oh, Oh...wait, I got one for ya. How about a Nationally recognized Broker from Keller Wiliams who is also a writer & Investor and was asked to speak to other Real Estate Agents on creative buying and selling techniques (Wendy Patton)?
Are there scam artists out there.....yes. Are there unethical Real Estate Agents out there....yes. Does that mean that ALL are like that.....I sure hope not. Come on people....Let's not all jump to conclusions and say things based on ignorance or pure opinion.
Don and I both know people who successfully do these type of transactions but Don did put it pretty well when he said:
"......However, to repeat, it's very, very risky for you. And before you even consider it, you should explore the other options mentioned below: loan modification, short sale, examination of paperwork to detect errors when you purchased the property, and so on."
No matter what route you take, EDUCATE YOURSELF, and it's a really good idea to retain the services of a knowledgeable Real Estate Attorney to look over anything before you commit to it. If they, being the Investor, are on the up-and-up, they'll have no problem talking to your Attorney & having him/her look it over.
not a buzzard
not into carnage
loves option contracts :)