where can i find real estate available for sale by assumption.i think it's fha loans..help?

Question

i am in georgia,usa

Answer 1

What you are talking about I think is property for sale by assuming someones existing loan.

This was commonly done in years past. But now days rarely ever. The banks used to let the new buyer assume the sellers old loan(s) and take over the payments and terms. But for the last 10+ years those are almost never allowed on loans.

If by some miracle they are allowed you must qualify fully by applying at the bank just like for a new loan.

So, in most cases you are much better off just getting your own new loan with a lender. FHA is the best loan for first timers, that have low down and less than terrific credit.

Best of luck

Answer 2

Hunter is right. To assume a loan now, you have to qualify for it. The only reason to do that is if you can keep the low interest rate. With rates what they are now, why bother looking for the needle in the haystack?

The old Non-qualifying loans ended years ago. I always forget which , but FHA and VA stopped originating those in 1988 and 1989. That's how the late night TV real estate gurus made their money in the late 80's. Finding someone who let you just "move in and take over the payments". Then the investor would find someone to give some down payment and take over payments - voila! Some profit. Those are gone.

Answer 3

A broker provider often makes 25% to 50% of the value of the two the itemizing agent, the merchandising agent or the two if it keeps to be in the comparable place of work. that's often an settlement between the agent and broker provider. The agent will comply with sell your place for 6% of the acquisition value (this varies from area to area and the value of the homestead, residences over $a million million many times have a value breakdown) and out of that they pay 3% tp the merchandising agent and cut up the rest with the broker provider they artwork for. Worst case scenario is they have a million.5% afterwards and out of that they might desire to pay merchandising expenses, taxes and themselves. it quite is many times why maximum brokers do no longer want to bypass below 6%, they do no longer seem to be left with too a lot on the top. some brokers or "less expensive brokers" will cost you 3-4%, pay attention of this. lots of the time that's what's typical as an "in-homestead" or "pocket itemizing", meaning that they are going to do minor merchandising or constrained place of work work, no longer itemizing the valuables on the close by MLS, and hoping to sell it to a minimum of one in each and every of their customers it quite is already looking. That way they are able to assemble the entire value themselves. the priority with that's constrained exposure on your place and a number of the time hidden costs that finally end up costing you greater effective than what you're able to have spent with a typical association. Your superb guess is to chosen a appropriate employer on your area and write off what you may from the value value. verify along with your CPA and negotiate with the agent, that's what they understand will ensue anyhow.