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Subject To + Condo Conversion In NJ

m_sanchez profile photo
  • Tuesday, October 11, 2005 @ 08:12 PM EDT
  • 7 Comments

I have a seller who is willing to finance 100% of the purchase price ($400,000) for 1 year for a 6 unit building in a very hot area. Somebody gave me the idea of converting it into 2 bedroom condos and selling them at low price so they can sell quickly (around $250k - $280k) I know I could sell them very quickly at that price. But my question is: when the time comes to record the master deed can I still do it even though the previous owner has a mortgage on the property and the deed is still under his name?



Can this conversion deal even be done though owner financing/subject to?



Thanks

Comments(7)

  • no photo
    m_sanchez9th October, 2005

    Can anybody give thier opinion. On tuesday Oct 11, I have to sit down witht the seller and finish negotiations.

    Thanks

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    monkfish9th October, 2005

    Since time is of essence, I suggest you consult a real estate attorney immediately.

    Good Luck.
    [addsig]

  • no photo
    m_sanchez11th October, 2005

    Hello, I had to tell the seller to give me some more time so I can finish up some proyections.

    So, any advice?
    It would greatly appreciated

    thanks

  • no photo
    jfmlv195011th October, 2005

    This is actually a commercial property since it is 6 units.

    I am moving this thread to the commercial side of the house to get exposure over there.

    John (LV)

  • no photo
    woodsong13th October, 2005

    you know, i have never had to put one together...??!

  • no photo
    Jitz14th October, 2005

    Do you own your own business?

  • no photo
    woodsong14th October, 2005

    i have my own LLC for various acquisitions and land deals, as well as being VP of Acquisition/Development for a local building and development company, so a little of both.

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