Seller Clause in Contract - Posted by Sal

Posted by Sal on July 19, 2003 at 21:18:17:

Bill,

I am not facing foreclosure.

I am exploring all opportunites/methods to sell my home (seller financing or typical buyer finds own lender, etc) which is VA loan, that gives me the best price with minimum risk.

I am studying USC 12, chapter 13, section 1701j-3 PREEMPTION OF DUE-ON-SALE PROHIBITIONS that deals with the rights/obligations of lenders while comparing them to VA guidelines.

Lots of good reading!

Seller Clause in Contract - Posted by Sal

Posted by Sal on July 18, 2003 at 21:19:31:

As sellers, can we write the following as a clause in the purchase contract:

“Subject to buyer qualifying to assume existing mortgage.”

Please advise

Sal

Seller Clause in Contract - Posted by Bill H

Posted by Bill H on July 18, 2003 at 23:02:52:

Yes, you can put this or any other reasonable clause that you and the buyer agree to in the contract.

However; what if the buyer does not want to qualify and assume your loan but chooses to qualify and get their own loan.

What is your reason for wanting someone to “qualify and assume your loan?”

Are you in foreclosure and have been approached by an investor wanting to purchase your property subject to your existing loan?

======>bill