What does "take-over payments" entail on real estate?

Question

I saw an ad on Craig's List recently offering a townhouse in my area for "take-over payments." What kind of process is this and what are the risks?

Answer 1

"Take-over payments" are exactly what it means. The new owner makes the monthly payment to the lender based on the terms of the existing mortgage. There is no "new" mortgage for the new owner.

The question to ask is what kind of mortgage does the owner now have? Conventional assumable? FHA assumable or VA assumable? Can the new owner legally( exclude financially) assume the old payments? If the loan is VA assumable can a non-veteran assume the payments?

Answer 2

Someone may bought when the market was at its high and now wants to bail out. It may be OK, maybe not. You will need to determine what the real value of the property is to decide if it is a good deal. The existing lender would have to approve you before not calling the loan in.

Answer 3

A cul-de sac is a protracted around area on the top of a paved street in a progression. It is going to the final residing house(s) on the top of thepersistent so autos can actual turn around and head returned out. that is in actuality a "turn-around" TLC skill comfortable loving care. It skill the valuables merely desires somewhat touch-up fix and a comfortable maintenance application. Fixer-larger in actuality skill "as is," meaning that's in choose of a great form of fix and fixin' up.

Answer 4

if it's not inspected you could lose money for repairs...
You't be taking over someone elses payments and problems without much security to go along with it...sounds like someone wants to get out from under a bad decision ( or foreclosure ) If I were you, I'd take a pass on that...(because you could wind up in a BIG mess and loss.)

Answer 5

Is the old owner resonsiable still libal for the payments should the new one default