Posted by Tim Conde on March 07, 2000 at 18:10:30:
First, this may be the wrong discussion group for this. But to answer you, a credit check is a good idea anytime you are going to loan money. No, you do not have to do it and there is no law that says it must be done. The seller can sell to anyone he wants, good credit or bad, as long as he doesn’t mind being on the hook if you default. In conventional financing situations, the higher the down payment, the less the “need” for a credit check. Second, as a broker myself, it is unlikely I would loan my commission to put money in other people’s pocket. That said, if you made it worth my while, I’m liable to do anything. Give me some great interest rate, or other incentives, and I might.
I am hoping to make my first purchase tommorow.
I still have 2 questions…Do they need to do a full credit check to assume the mortgage or can the owner sell to anyone? Second is a broker likely to make a small second in order to give the seller a small amount 3000 in his pocket , and a small amount in mine ??
The credit check will probably be done unless the loan is “non-qualifying” assumable. There are only a handful of them left, as they quit doing thim in the late 80’s.