Posted by JPiper on June 20, 2001 at 22:45:02:
I think it’s exactly the opposite. I’d give your “coach” a call…you certainly have paid for it.
JPiper
Assumable Mortgage Question - Posted by TroyT
Posted by TroyT on June 20, 2001 at 21:30:01:
I’m making an offer on a duplex with an assumable mortgage due in 2004 for $54 000 at 6.7%.
My Coach told me to write something to the effect of…“Purchaser to assume mortgage at (rate), (amount) from (institution)” We had a bad cell connection and haven’t been able to talk to him since.
He said that this would avoid having to qualify for the mortgage if the Seller accepts. The seller would still be on the hook for the mortgage.
I don’t quite get it. Can someone clarify if I have this right and/or if I am doing this properly?
Thanks
TroyT