Assumable Mortgages - Posted by Paul D. Meehan

Posted by PBoone on November 10, 1998 at 12:29:44:

Price is always negotiatable with the seller. In order to assume a mortgage write an offer contingent upon assuming of existing loans and what ever else you and the seller agree upon. Then call the bank that holds the mortgage.
There is usually a 1-2point assumption fee and maybe doc fees

Assumable Mortgages - Posted by Paul D. Meehan

Posted by Paul D. Meehan on November 10, 1998 at 10:09:29:


We have located a fairly new triplex and duplex on a wonderfully large lot located just a hop, jump, and a skip away from one of the best colleges in the Northeast. The mortgage is assumable. I ask for detailed advice from the fine, knowledgeable folk here at CREO as to how best to research and approach this deal. For starters, please explain how one assumes a mortgage. Is the price not negotiable?

Warm regards,
Paul D. Meehan

Re: Assumable Mortgages - Posted by Mr Donald

Posted by Mr Donald on November 10, 1998 at 16:53:43:

Price is ALWAYS negotiable. Never offer full price, unless you’re getting some concession upfront, or are taking your profit going in.

Why assume the mortgage? Take title to the property “subject to” the mortgage, if at all possible. If the Vendor insists on an assumption, make certain that ALL such fees relating to the assumption are paid for by the Seller.