You are correct.My experience is that it is usually less financially sophisticated sellers who are willing to let you do this.They usually have little money so they can be influenced easily when no realtor involved.Usually i can get them to not use an attorney and we just close at my title company as quickly as the title is done.
Just ask the seller. I’ve only had one seller ever refuse to give me their mortgage details. All you have to do is say: “If I’m going to take over your mortgage I’ll need to know what the current balance and payments are.” 9 times out of 10 they won’t even blink.
The motivated sellers will give you that info no problem.I get the most recent bill from the bank that tells you a lot and i have them sign an authorization form giving the bank permission to speak to me,that way i can verify everything and later when i own the house i can get payoffs etc
It seems like this sort of purchase would not work well when making offers on properties in the MLS. Listing agent would probably interfere when asking for mortgage docs.
Probably best used for properties obtained by networking, direct mail, etc. correct?
Sellers are sellers regardless of how you find them. But you’re right about the listing agent interfering. So if you want to buy a listed property just contact the seller directly.
And I disagree with Ken, sellers do not need to be unsophisticated to want their payments off their back. All you need is a seller who’s thinking about renting their house out if it doesn’t sell.