Posted by JohnBoy on June 18, 2001 at 08:55:22:
Yeah, have him sign over the deed and take his mortgage over subject to.
Does he want anything for the equity? If so, how much? What will he use the money for? Does he NEED the cash or just WANTS the cash? Does he just want out and doesn’t care about the equity?
WHY does he want out? What if he doesn’t sell this soon? Then what?
You need to provide MUCH more information. What you gave us tells us nothing except that the mortgage is assumable which means you will have to qualify to assume it by going through the lender. Taking the mortgage over “subject to” would not involve the lender. The question is, how MOTIVATED is the seller and how BAD does he NEED out? Are all the payments current? If not, how far behind are they?
More info needed.