Posted by Jerry on March 26, 2000 at 15:17:22:
Thank you for your answer but now you brought up a lot of new questions , I am just staarting at this so I am kind of slow and stupid . I found a lot of good properties that would make great money but I am kind of lost where to go from there ? They are all through brokers and so I do not know if this is good or bad .
does anyone know the answer? - Posted by Jerry
Posted by Jerry on March 26, 2000 at 14:20:01:
Carleton Sheets program always talks about whether or not the loans on properties are assumable or not , even if they are and the person wanting to buy the property has no or bad credit can they get into that loan or do they have to be credit approved for that existing loan also . Someone also said Ed Garcia may loan on properties , is this true , I do not want to call someone and bother them before I know for sure . Thank you and sorry for being long winded .
Re: does anyone know the answer? - Posted by Jim IL
Posted by Jim IL on March 26, 2000 at 15:05:43:
Jerry,
Some loans are No Qualifying assumable, if they were originated before certain dates.
But, if you do some research you will see there are ways to get around the Due On Sale Clause in any loan, and then it is up to you as to who will qulaify or not.
Read some of the articels here on beating the DOS and also goto www.legalwiz.com.
There are some loans now that are assumable, but need the buyer to qualify to assume them.
Why do that however, when you can get the deed without getting the loan in your name?
Do some more reading and research and don’t sweat the idea of assuming a loan.
Hope this helps,
Jim IL