Are there free websites that will let you post Assumable loans?
2006-10-26 03:47:46 · 5 answers · asked by JosieE7 2 in Business & Finance ➔ Renting & Real Estate
I read your other questions and see that you loan is a "Qualifying Assumable Loan". That means that the buyer needs to qualify through your lender to take over the payments.
Do you know about how much the house is worth on today's market? Also, do you know what your loan balance is? The diference is your equity, and the amount of down payment the buyer needs to give you. If it is a good interest rate (and a fixed rate loan), then you may be able to sell the house for more than fair market value, because the payment assumed will be lower than the normal payment for a home of that value.
Go ahead and advertise it an sell it yourself if you know how to. Newspaper adds get lots of calls - maybe advertise to the Realtor community that you'd pay 1/2 of the normal listing fee to a Realtor who brings the buyer. Realize that you'd possibly go un-represented in this situation.
If you don't want to be contacted by Realtors trying to get a listing, put your phone on the "Do Not Call" list. Realtors can still call you if they have a buyer to look at your house, but it could be an $11,000 fine for calling to try to solicit a listing.
Most people that try FSBO (for sale by owner) eventually do list their homes with Realtors since this is the most efficient way to expose the particulars of your house to the greatest number of buyers in the shortest time.
Good luck to you!!
2006-10-26 08:22:00 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
We assumed a loan in the 80's from friends. There was no credit check. Both parties just went to a lawyer and had the papers drawn up. The mortgage company then starts billing you for the loan instead of the other party at the same rate of payment. There is no qualification on assumable loans. As you are looking through the newspaper, just check each listing for ones which refer to buyer will accept assumable loan, or something to this affect. These days the way people are losing their homes, I would think that homeowners will be much more finicky on who they let assume their loans though because if I'm not mistaken, if you don't pay, it goes back to them. Now realize this was how we did this assumable loan in the 80's and I assume it is still done this way. You can probably call any real estate office and have them tell you more about it and see if anything has changed since we did ours. I hope this helps you. Best wishes.
2016-05-21 22:10:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you're trying to sell your home, then your loan being assumable is a great selling tool. Use that as one of the features on your home... "you can own this home for X payment per month!" type thing. Good luck...
2006-10-26 04:02:41 · answer #3 · answered by Justin 3 · 0⤊ 0⤋
You need to check and see if your mortgage is assumable to begin with. Most banks won't let that happen.
2006-10-26 03:53:29 · answer #4 · answered by Kathleen M 4 · 1⤊ 0⤋
Maybe you should advertise it on Craig's list.
2006-10-26 03:49:02 · answer #5 · answered by spot 5 · 0⤊ 0⤋