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In this video, Pace Morby breaks down what happens to a seller's credit when they sell their property subject to. He explains different scenarios that might occur when a seller is going through pain and cannot continue making payments. Pace talks about things to take into consideration regarding low equity situations and foreclosures.
Pace describes an example of a seller with low equity and a seller who is in pre-foreclosure, and sells their property subject to. What happens to the seller's credit? Foreclosure dings a seller's credit, but a subject to deal will fix the seller's credit since the buyer will make the mortgage payments. It's smart to remember that the seller needs to confirm that the buyer will cash flow so that payments will be made.
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Chapters:
0:00 - Intro
0:21 - No Equity Situation
3:14 - Foreclosure Situation
4:21 - Other Situations
5:46 - What Happens to a Seller’s Credit?
10:37 - Risks Associated with Subject To
12:43 - Low Equity
16:34 - Important Questions to Ask a Buyer
17:05 - Debt-to-Income Ratio
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🚧🚧🚧 DISCLAIMER 🚧🚧🚧
❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a KZfaq video for entertainment purposes ONLY ❎