I live in Riverside, CA and would like to buy a house someone is losing and wants someone else to take over payments on.
2007-01-05 03:50:27 · 6 answers · asked by Tab 1 in Business & Finance ➔ Renting & Real Estate
I WOULD CONTACT A LAWYER, AND A REALTOR . A REALTOR HAS SOME LISTING ON HOMES THAT ARE IN FORECLOSER, A LAWYER WILL PROTECT YOUR RIGHTS.
2007-01-05 03:54:26 · answer #1 · answered by misty blue 6 · 0⤊ 1⤋
Virtually any seller can hold a private loan w/you tho. I would stick to a lease option type of agreement or possibly a actual contract. Everyone is right you wont find a assumable loan out there. Get w/a good mortgage broker, realtor and build a team to buy a home! Sometimes mortgage pros will know investors who have homes they can sell at wholesale prices on a lease option or something of the sort!
2007-01-05 13:22:23 · answer #2 · answered by camrenalexis2 2 · 0⤊ 0⤋
'taking over payments' means they have to have an assumeable mortgage, which is pretty rare these days.
It would be much easier for you to simply find a run down house and get your own loan. Go get preapproved for a mortgage and keep your downpayment building. Then if you want to, you can drive around town, look for really run down houses, and send them letters asking if their interested in selling. My mom has bought two houses just by asking people whose homes look run down and she's gotten great deals! Just dont insult them-- be tactful.
2007-01-05 12:06:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Assumable mortgages are extremely rare these days. You will most likely need to just purchase the home by owner. I can take care of the transaction for you and provide you with excellent financing. Let me know if i can help. I am in Orange County.
2007-01-05 12:10:57 · answer #4 · answered by ondreforsure 3 · 1⤊ 1⤋
You can only do this if the seller's mortgage is assumable, and most of them aren't.
Assumable means that you can take over the mortgage as long as you qualify for it.
2007-01-05 13:12:56 · answer #5 · answered by KL 5 · 0⤊ 0⤋
This is called preforeclosure. There are tons of websites on this and some realtors with investment property experience could help you also.
2007-01-05 11:55:12 · answer #6 · answered by Phoenix, Wise Guru 7 · 2⤊ 1⤋