Response from Amanda Wiley on 12/3/2024

Important Notice for Homeowners: Be Informed and Cautious of This Practice! First and foremost, "Subject To" purchases can indeed present significant risks to homeowners. When a homeowner deeds their property to a third party while remaining liable for repayment of the loan, they are exposing themselves to potential credit damage and costly legal challenges should the loan not be paid. This is why we always recommend consulting with an attorney before considering such a transaction. Regarding the specific situation you referenced, it's important to correct the record: no formal offer was made in this instance. The investor merely inquired if the seller would be open to a "Subject To" transaction, but no offer was written or presented. We always ask owners when listing if they want to offer alternative financing options including holding their mortgage and owners do not want to hold the responsibility of being liable for a mortgage why a third party is simply renting their property out while they have ZERO control! And it could take owners MONTHS to foreclose and regain access to their property! "Subject To" purchases are not new and we do receive such inquiries frequently, our duty to our clients is to ensure they fully understand the risks involved. In every case, we share the associated risks and advise sellers to consult legal professionals for guidance. We present all offers to our clients, including those involving "Subject To" terms, in a manner that is transparent and, in the client’s, best interest. Would YOU as a home owner want to allow a new, young investor to “take over” your house payments, pay you little up front, rent to anyone who they choose yet if they just STOP paying, you have a costly and lengthy foreclosure to complete to get YOUR home back? All while this RUINS your credit?????