Posted by BillW on January 12, 2001 at 17:34:43:
You’re correct, it is pretty useless to us as investors. No benefit at all. That’s why we prefer to do “subject to” deals. Otherwise, you’re exactly right-We might as well get a new loan. The lender wants you fully qualified and fully responsible for the loan with full recourse against you. Try looking for owner financing or explore ways to get around these requirements if you are willing to do it.