A co-worker of mine told me that she took over her aunt's mortgage when she bought her condo from her a few years ago. I can see how this would benefit the buyer, in the sense that you're taking over the seller's good credit, and getting the place for what is left on their mortgage. My co-worker for example said that her aunt had lived there for 10 years, so when she took over the mortgage, those payments her aunt paid came with it. I also assume she got the place for the price her aunt paid 10 years prior. I can see how that benefits the buyer, but what does the seller get out of it??? Just curious what incentive my co-worker's aunt had to do this (other than the fact that they are related). Can someone please explain to me how this works? Thanks.
2007-06-08
02:06:04
·
4 answers
·
asked by
tinaroonie
2
in
Renting & Real Estate