Yes, you write up a contract. It says you are buying “subject to” the existing loan balance or existing balance plus $1,000 or whatever the amount is.
You also need a “cover your assets” letter. This lets them know you are not assuming the loan.
I have been researching the market and looking at some properties. I am getting pretty conficent in my ability. It is comming to the time where I am going to have to make an offer on some property. What option should I look for as far as financing goes?
Ask them if they will sell for what they owe.
If they say yes tell them you will take over the payments.
You get a house. They get debt relief
No Credit check, NO money down
It doesn’t get much better than that.
Listen to Ron LeGrand’s courses.