Want To Buy House For Myself On Subject To - Help!!!
I found another house I want to live for myself. I have an existing house/mortgage but do not plan to sell it yet -- just rent out.
There is this house i saw on MLS (Canada) I really think I wld love to live permanently, but I don't want to go through the conventional bank loan.
Much as I wld prefer a Lease Option so i don't have to go through Bank qualifying and move in quickly, but it is hard to convince the Seller esp. if they want to cash out. So I think I wld structure it as Subject to.
The asking price is #369,800 (shld i offer the same price so they will consider it quickly or negotiate lower - by how much?). What is a good downpayment range I should give?
Has anybody ever done this in Canada..
Also I plan on having my Agent present the proposal on my behalf since it's listed on MLS. How can we present it in a way that will easily convince the Seller to consider this option? Are there any templates or charts that wld show them the benefits in terms of numbers. etc.
wld really appreciate any inputs.
this is my first attempt at this form of creative financing... and if this goes through, then it'll be a breeze to the next deals w/c i will pass on to my buyers.
thanks
lea
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