LAND CONTRACT
Hi:
There is a 3 br house available. The owner moved to a bigger house as they have 4 children. Now they are desperately trying to sell the first house.
Unfortunately, they owe $ 85,000 as
balance for the mortgage. Can they sell
it to me on Land Contract or let me Assume the mortgge payments? They are ready to do it but can they do it legally ? SAYANA 
You should be able to assume it if there is a clause in the seller's mortgage allowing it.
Dear sayana,
If there is no DOS close you can assume the mortgage but id that beneficiary to you with the low mortgage rates currently available? I do not think so? How about lease option to buy? This is the way in which you can avoid down payment and delay the decision to purchase it until you are ready. Well, until your option to buy is good.
make sure that you ask for a longer L/O to buy to enjoy maximum appreciation!
Good Luck !
Why did you say " unfortunately they owe $85K"???
There are a number of ways you can buy this property. If you want to buy it with a land contract you can do so. Just make sure to have a Memorandum of Land Contract recorded at the courthouse. this protects your interest.
Thanks for the responses. The seller wants out by paying off the mortgage company and also want over $ 10,000
profit. They are not interested in Lease
Option.
sayana