Hello,
Thank you for your interest in selling your home.
I am not an Attorney nor a Real Estate Agent. I am a buyer and interested in BUYING your house for my own investment. I buy 2 to 3 houses per month in GOOD to Excellent condition and I am the most serious buyer you will ever come across.
I purchase homes “subject to” the existing loan and you don’t have to pay any Realtor commissions or fees when you sell to me. I can also close very quickly just as soon as the title company has all the paperwork wrapped up for us.
Everything is done with at the closing company so rest assured, everything is legal and above board.
Here is my offer…
- I will buy your property and take over the payments on your mortgage.
- I will make the payments each and every month until I pay it off or sell the house.
- You will not have to do anything once you sell the property to me… it will become my responsibility. I will maintain everything from the ground to roof and outside as well.
This is called, selling your house “subject to“ the existing loan. Essentially, I am buying your house for the loan amount. Although it is may seem uncommon, these transactions take place each and every day. It is both legal and ethical. It’s even listed as a line-item on HUD1 Settlement Statements.
Since you don’t have any real equity (if you have equity click here), you would not receive any money for the house, but you would not have to continue making payments after I took over either. This takes all the stress you may have about how to make the mortgage payment off of you and onto somebody who can afford to wait it out till the house sells down the road. No more sleepless nights; no more worry about this house at all.
Here is WHY I buy properties like this and why it makes sense for you
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- I can close when you are ready. This is a very simple process and takes about 10-15 days to close (as soon as the title company can squeeze us in). If you need to wait, that’s not problem either, just let us know when you want to close
and we’ll be there at that time.
- I can close when you are ready. This is a very simple process and takes about 10-15 days to close (as soon as the title company can squeeze us in). If you need to wait, that’s not problem either, just let us know when you want to close
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- We use a local attorney and title company for all the paperwork. After we sign the simple paperwork at the title company to purchase your house, you don’t have to do anything. I handle everything and find a nice family to rent to.
- We use a local attorney and title company for all the paperwork. After we sign the simple paperwork at the title company to purchase your house, you don’t have to do anything. I handle everything and find a nice family to rent to.
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- You will NEVER have to deal with a tenant. In fact, you will NEVER have to deal with the property at all after you sell it to me. I will own the property just like you do now and take care of everything. I am responsible for maintenance, repairs, and any possible future damage. You get to go on with life and be rid of the stresses this property may have caused.
- You will NEVER have to deal with a tenant. In fact, you will NEVER have to deal with the property at all after you sell it to me. I will own the property just like you do now and take care of everything. I am responsible for maintenance, repairs, and any possible future damage. You get to go on with life and be rid of the stresses this property may have caused.
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- After the date we agree I’ll take over payments, you will NEVER be required to make another payment. I will always make the full payments (principle, interest, taxes and insurance) on time and as you originally agreed with your lender.
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- I make my money by managing the property, keeping it in good condition and being patient until the values rise. I take full responsibility for the house.
This is a very simple process and takes about 10-15 days to close, depending on how backed up the title company is to close the transaction for us. As an added benefit, I’ll cover all the closing costs. (Note: If you need more time to move out, that is no problem, just let me know.)
Please be aware that the mortgage stays in your name. I’ll be making all the payments, but your name will still be on the mortgage. This was initially a concern for many of my past sellers, but when I showed them how it worked and that I have proof to show the monthly payments being made, they realized it was not as risky as it sounded.
Here are the criteria of the homes that I am seeking….
1. The value of the house should be between $50,000 and $300,000 (we sometimes buy lower and higher priced properties depending on situation)
2. The mortgage amount for all loans secured against the property should be AT or UNDER the real market value.
3. The mortgage rate must be below 8% and total payment PITI (Principal, Interest, Taxes & Insurance) must be below market rents. If the payment is above market rents, we would need to discuss if there are other options.
4. The house must be in “rentable” condition. If you aren’t sure on this, just let us know what the major defects are and we will tell you if they are a problem.
5. Payments should be current. If you are behind on payments, let us know. We may be able to catch up back payments to stop foreclosure proceedings.
That’s it. We are not terribly picky. We buy in “as is” condition as long as the condition is reasonable. You won’t have to pay for:
- Repairs
- Realtor costs
- Closing costs
- We won’t beat you up on the price.
You also won’t have to continue to pay the monthly mortgage payments after the date we agree I’ll take over payments… which you would have to do if you listed the property for sale on your own or with an agent.
If you would be interested in selling me your house, please go to this form and give us your information –> click here
Below are some common questions we get from sellers.
“Can I still get a mortgage to buy another home, if this loan is still in my name?”
If you are looking to buy another home in the near future, please let us know this. The answer is “YES, in most instances you can.” Mortgage Lenders will see the loan for this house on your credit report, but will consider it a “sale” rather than a liability. As long as you maintain good credit, they will not count this loan against you as a debt and it will not affect the amount you can borrow for a new home. You can confirm this fact by calling up any mortgage lender and asking them.
“But I do have equity in my home and I’d like to get something for it.”
If you have much more than 10% of real equity in your home, we have a way to still buy it and allow you to collect on your equity. Just click here to go to that page.
If you have less equity than that, it is unlikely that you would get much (if any) money back after you close, if you sell through a real estate agent. Most folks in this category have less equity than what it would cost to sell the property… so they would actually have to come to closing with cash in order to sell through a real estate agent. This small amount of equity is known as “realtor equity.” It only exists if you succeed in selling it for cash as a “for sale by owner.”
By the way, it is possible to sell it yourself and get this equity, (although you would still have to pay closing costs, carrying costs, negotiate with the buyer on the price and pay for repairs) but the statistic is that 85% of all “for sale by owners” do not succeed in finding a cash buyer.
“My mortgage has a “Due on Sale” clause. If I sell it to you, won’t the mortgage company foreclose?”
99.9% of all mortgages in the nation have “Due on Sale” clauses built into them as standard language. It says that if you sell your house without paying off your mortgage, they have the right to foreclose. There are numerous homes sold “subject to” across the nation.
While the mortgage company has every right to call the loan due, it is rare to have a lender foreclose on a property for this reason: Lenders are in business to collect payments on loans. They are not in business to take over properties. Lenders have credit scores just like you and I. Their credit is damaged if they have a foreclosure on their books. If they get too many foreclosures, they will not be able to make loans. They usually do NOT want your house back… especially in these tough times for lenders. Though they can call the note due, we haven’t seen lenders looking for houses to foreclose on that are making their payments on time like clockwork.
Okay, I’d Like To Sell You My House
What Do I Do Next?
Just click on the link below and go to this website. It will ask you to give us the details of your house. If you still have questions, there is a place on that form for you to send them to us.
I look forward to working with you!
Best Wishes,
Jared Kluver