Subject To: Buying a Home With No Cash
You want to buy a home, but you have very little money saved. What are your options?
Traditional mortgages don't always require large down payments. If you have a good income, stable job and good credit, you should easily be able to get a traditional mortgage, even without a down payment.
However, if your credit is bad, there are still plenty of options for getting into the real estate market. Despite the mortgage-due-on-sale clause, sometimes a buyer can take over payments on an existing mortgage. It is very unlikely a bank will demand the full mortgage, and risk ending up having to deal with a foreclosure, if monthly payments are being made on time. These sales, called "subject to" sales. In these cases, the seller will require a second mortgage to get their equity out of the home. If there is little or no equity in the home, a contract can be arranged wherein the buyer agrees to pay off the sellers mortgage in a set number of years when they in turn sell the home. Often, this deal is made with the promise of a percentage of the buyers profit going to the seller when the home is sold again.
These contracts allow a highly motivated seller to walk away from their mortgage and either easily get a second mortgage, or start fresh, but receive a check in an agreed upon number of years for a percentage of the homes re-sale. As a buyer, you can assume the mortgage, either live in the home or rent it out, then when it has gained equity, sell it and only then give the person you bought it from a small sum.
While subject-to sales sound complicated, they can really be a great deal for both buyers and sellers with little money.
About Douglas Nie Douglas Nie is affliated with Coldwell Banker Residential Brokerage, which is located in Milwaukee, WI. For further assistance please use the contact information located on the right.
As of 02/10/12 the Douglas Nie RePage is ranked at 5,229 with 225 points.
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Local Information for Milwaukee, WI
Latitude: 43.052162 -- Longitude: -87.95591
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ZIP Codes for Milwaukee, Wisconsin
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53201 
53202 
53203 
53204 
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53206 
53207 
53208 
53209 
53210 
53211 
53212 
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53217 
53218 
53219 
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53233 
53234 
53235 
53237 
53259 
53263 
53267 
53268 
53274 
53278 
53288 
53290 
53293 
53295 
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Area Code for Milwaukee, Wisconsin
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414
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Time zone for Milwaukee, Wisconsin
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CST
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Other Area Cities:
Colgate, WI
Germantown, WI
Hubertus, WI
Menomonee Falls, WI
Mequon, WI
Muskego, WI
Pewaukee, WI
Waukesha, WI
Milwaukee, WI
Brookfield, WI
Brown Deer, WI
Cudahy, WI
Elm Grove, WI
Franklin, WI
Glendale, WI
Greendale, WI
Greenfield, WI
Hales Corners, WI
Shorewood, WI
Fox Point, WI
New Berlin, WI
Oak Creek, WI
Saint Francis, WI
South Milwaukee, WI
Wauwatosa, WI
West Allis, WI
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Milwaukee is the largest city within the state of Wisconsin and 22nd-largest in the United States. The city is the county seat of Milwaukee County and is located on the southwestern shore of Lake Michigan. As of the 2005 U.S. Census estimate, Milwaukee had a population of 578,887.[1] The city is the main cultural and economic center of the Milwaukee–Racine-Waukesha metropolitan area with a population of 1,753,355.[2]
The first Europeans to pass through the area were French missionaries and fur traders. In 1818, Frenchman Solomon Juneau settled in the area, and in 1846 Juneau's town combined with two neighboring towns to incorporate as the City of Milwaukee. Large numbers of German and other immigrants helped increase the city's population during the 1840s and the following decades.
Milwaukee residents are known as Milwaukeeans. Milwaukee is known as "The City of Festivals" for its great number of ethnic and musical festivals, the largest of which is Summerfest. -- Source: Wikipedia.com
Wisconsin 2000 Census Population Profile Map
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Milwaukee |
Wisconsin |
United States |
|---|
| Population |
596,974 |
5,363,675 |
281,421,906 |
|---|
| Median age |
30.6 |
36 |
35.3 |
|---|
| Median age for Male |
29.4 |
35 |
34 |
|---|
| Median age for Female |
31.8 |
37.1 |
36.5 |
|---|
| Households |
232,188 |
2,084,544 |
105,480,101 |
|---|
| Household population |
580,571 |
5,207,717 |
273,643,273 |
|---|
| Average household size |
2.5 |
2.5 |
2.59 |
|---|
| Families |
135,189 |
1,386,815 |
71,787,347 |
|---|
| Average family size |
3.25 |
3.05 |
3.14 |
|---|
| Housing units |
249,225 |
2,321,144 |
115,904,641 |
|---|
| Occupied units |
232,188 |
2,084,544 |
105,480,101 |
|---|
| Vacant units |
17,037 |
236,600 |
10,424,540 |
|---|
Visit US Census
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Douglas Nie
Coldwell Banker Residential Brokerage
2510 E Capitol Dr
Milwaukee, WI 53211
VOICE: 414-964-9000
FAX: 414-963-2655
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