What is the best way for this deal? - Posted by kira

Posted by Brent_IL on August 18, 2003 at 18:56:49:

I believe that in all states one who purchases real property is legally bound to honor the pertinent contracts of the previous owner. In my opinion, she lied to you or she was repeating hearsay.

The decision to either get new financing or to take over the payments is based in costs. In 1985, mortgage interest rates were around 12% APR. If it’s the original loan, it will be expensive and a small portion of the selling price. If the seller has refinanced the terms might be better and the cash-to-mortgage less. If you can’t qualify for a new loan, the point is moot. You have to work with what you have.

99.99% of sellers want to be cashed out. The owner isn’t necessarily helping you. She gets the same whether you pay off the loan or you do not.

What is the best way for this deal? - Posted by kira

Posted by kira on August 18, 2003 at 17:34:09:

I am looking at this town house for me so I can get out of my apartment and it will be my first creative deal. The price is 129,000. It was built in 1985 and has been the only owner. She would like to be cashed out but is willing to let me assume the mortgage and pay whats left to her. She wants some cash in pocket. There is a renter who signed a years lease but she said that there is a law that if I was purchasing to own I can break the contract. Thank you