Jason (AL) 1 Report post Posted October 27, 2004 Ok.Say I have a seller who has a loan balance of $33,000. The house is worth $50,000.We agree upon a sub2 deal (I take over his payments).I offer $4,500 cash along with me taking over his payments.So, I'm into the deal for $37,500k. (75%)I don't want to fork out the $4,500 from my own pocket, so I'll use OPM (the bank's) Which financing "strategy" would take less time, be cheaper (fees & terms-wise), and be overall the best way to go: 1. I take title to the house sub2 and I refinance for $37,500, or have them to refinance, and then I take sub2. Basically the same thing. I'd rather have them to refiance, then me take over sub2 though. -OR- 2. I just go to the bank or my mortgage broker for the $37,500.*I know this would depend on the particular lender I'd use. Is one or the other faster, cheaper, and/or better than the alternative? Am I making sense? Jason Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted November 2, 2004 Hi Jason, It appears that #1 is the better choice. Have them refinance the property and then proceed with the sub2. As far as the $4500 option, yes, try to use the banks money...maybe you could get a personal line of credit for say 90 days or something like that....depends on your credit score,etc. The best is to get it from a t/b as you already mentioned. Hope this helps. Andrew Share this post Link to post Share on other sites