Posted by steve on April 11, 2001 at 23:31:39:
I have the same questions that I need answers to
Please reply asap i don’t have any time left…
Thank you
Assumable Mortgage Q - Posted by Adam
Posted by Adam on February 11, 2001 at 22:45:53:
Hi. I’m a novice investor who has come across a possible deal for which I’m looking for feedback. Here it is:
FHA Non-qualifying assumable mortgage with a balance of $40,000 and payments of about $450/mo @10%. Seller owes about 6 months worth of back payment (~$2700). House is worth about $50-55k and needs around $3,000 in repairs. Seller is unsure as to whether there are liens, but says there may be one. I’m sure I can get this if I pay off the back payments and assume mortgage + pay closing costs (seller is cash poor).
1.What are my options here?
2. What should I be wary of (I’ve never dealt with assumables before)?
3. Should I require a letter from the lender prior to signing a contract?
4. What are my money making options?
5. Does this sound like a good deal?
Thanks in advance.