Subject To Contract
If your buying subject to, what exactly do you say in the contract if you want to put down 10% at closing and pay the rest off over a period of 6 months? Better yet, does anybody know a good book that discusses all of this?
Usually when buying sub2, you're not giving the seller much money at all, just offering them relief by taking over their mortgage payments and giving them some "U-Haul" money.
If there's a ton of equity and you want to pay them off over time, you can always ask them to carry a note for whatever balance and terms you want (or that they'll accept).
I highly recommend John Locke's sub 2 course, available here at TCI: that's the one I'm using. With the course, you get email and cell phone access to the man himself.
Andy