Selling with an assumable loan - Posted by Bill Hinton

Posted by JPiper on December 14, 2000 at 20:57:55:

Ask for the specific reason why the buyer was turned down. The lender should be willing to give this to you in writing.

JPiper

Selling with an assumable loan - Posted by Bill Hinton

Posted by Bill Hinton on December 14, 2000 at 17:00:46:

My son has a contract to sell his house. There is a very favorable interest rate and the loan is assumable based on qualifying. After several weeks, lender said buyer did not qualify. All parties are suspicious that lender turned down buyer so that low rate wouldn’t be assumed. How can this be addressed? Thanks

Re: Selling with an assumable loan - Posted by dewCO

Posted by dewCO on December 15, 2000 at 09:23:30:

The lender is probably in charge unless you find a way to raise a real stink after you get/try to an answer to why the buyer was turned down. LEt us know if you cram this through. My guess is that part of the their qualifying to look at the interest rate and that alone will make the lender decide that they don’t have any one who can qualify for this loan when the interest rate is better than the market rates!!!