Assumable Mortgage Deal - Any Help Is Appreciated.
Hello all,
Using John Locke's advice, I dropped the fact that I am a real estate investor in a casual conversation and it resulted in some possibly good opportunities.
For example, the seller I was speaking with has a property that she wants to sell for exactly what she owes on it. She is checking into whether or not its assumable.
We are possibly going to do this if the numbers work. Since I'm low on cash, what suggestions can you make to me on how to approach the deal?
I am not familiar with how to take over an assumable mortgage.
Again, any help at all would be appreciated.
Hi diatribe,
If the numbers make sense, it may be better to take the property subject-to rather than assuming the loan. You will eliminate the assumption fees this way!
BAMZ