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Anyway, thank you to those that ventured opinions on the assumable mortgage-that's what we wanted to know about.We've also contacted our lender and they have confirmed if someone assumes the loan we are not responsible in any way after that point, so the assertions of us still being on "the hook" were faulty. Good to check out and get confirmation however.
Thanks to all who helped and stayed courteous. I know that's a stretch in todays internet.
Best of luck, OP. I have a VA loan that is assumable, but it would have to be with another VA-eligible buyer. My rate is 2.75% and I paid $469k for the condo here in Honolulu. Currently owe $425k on it. I could get roughly $500k for it today. When we look to sell in a few years from now, I'll definitely note the assumable possibility. I'd wager that someone would have to come up with a plan to cover the balance of $100k or so, which might be hefty for some, but it will be an option.
That's YOUR opinion. I'm trying to inform her that there are numerous ways of marketing a property to get the best total price from the sale. Unfortunately, many of the realtors are no better informed about these ways of marketing than the seller is. Even sadder is that you are apparently trying to discourage the dissemination of information and keep the seller in the dark.
At least SOME of the realtors realize that times are changing and are looking to become informed about the changes to better serve their clients' best interests instead of just their own. Sadly, you aren't one of them.
I'm not a REALTOR®.
But, I carefully read the OP's expressed interests, and you clearly are way off the mark with your walk through self-adulation.
But, I carefully read the OP's expressed interests, and you clearly are way off the mark with your walk through self-adulation.
Yeah, I know. You're a former Realtor, but you still think you know it all when, in fact, you never did... and still don't. I'll give you credit for knowing a lot more about real estate selling than the average realtor, but that isn't saying a hell of a lot.
Yeah, I know. You're a former Realtor, but you still think you know it all when, in fact, you never did... and still don't. I'll give you credit for knowing a lot more about real estate selling than the average realtor, but that isn't saying a hell of a lot.
I never thought or think "I know it all."
Ever.
I get that whine from uninformed people when they are brought up short on lack of caring or spreading misinformation.
I DO think that people who ask questions here should get straightforward and helpful answers that address their questions, rather than egotistical blather meant only to show how clever the poster/answerer thinks they are.
Yes. I DO know more about retail residential real estate brokerage than you have ever displayed. That includes learning what a consumer's goals are, so as to be helpful.
The OP wants to be free and clear, and clearly expressed that desire. You judged, rather than offering to help.
I never thought or think "I know it all."
Ever.
I get that whine from uninformed people when they are brought up short on lack of caring or spreading misinformation.
I DO think that people who ask questions here should get straightforward and helpful answers that address their questions, rather than egotistical blather meant only to show how clever the poster/answerer thinks they are.
Yes. I DO know more about retail residential real estate brokerage than you have ever displayed. That includes learning what a consumer's goals are, so as to be helpful.
The OP wants to be free and clear, and clearly expressed that desire. You judged, rather than offering to help.
Please explain how my giving information is showing a "lack of caring or spreading misinformation." My point in explaining various options to the OP is twofold. One, it may help her in HER situation, and TWO, it may help others reading this thread to further their understanding and perhaps help them even if it doesn't help the OP.
Also, why is it that you characterize my information sharing as "egotistical blather"? Are you jealous because someone is more informed than you are and therefore able to share information that you can't? It sure looks that way to me... and this isn't the first time either.
We're downsizing, moving to another state-using the equity and paying for the new home with the proceeds from this one. We have no desire to be involved with this old home in any way.We don't want to keep a loan out or any other creative ventures.
Quote:
Originally Posted by Chas863
Good luck. Hope you sell it quickly and at a good price.
However, your comment is somewhat puzzling. You don't speak very favorably of your "old home" as if it's something you can't wait to get rid of.
...
If you get some experience in real estate, you may learn that people have their own reasonable needs and desires, and you may learn that a good helper helps them fulfill their needs and desires without judgment.
If you get some experience in real estate, you may learn that people have their own reasonable needs and desires, and you may learn that a good helper helps them fulfill their needs and desires without judgment.
LOL! Asking someone how getting rid of their "OLD" house at a price of around $600,000 and buying a "NEW" house with their cash equity of around $225,000 is going to be an improvement is hardly being "judgmental". It's simply being realistic. Too bad that you don't have a good grasp of that concept.
Banks and other mortgage lenders generally have little to no interest in being a holder of a second mortgage. That's why I suggested that the SELLER hold the second mortgage.
I don't think that FHA or any holder of a first mortgage can stop a person from obtaining a second or even a third mortgage on a house. Actually, it's usually to the benefit of a first mortgage holder if there is a second mortgage on the property because this means that there is a second party that has a financial stake in seeing that the first mortgage is paid and that the house is well taken care of.
Sometimes, when there is a second mortgage on the property and the property owner gets into a financial bind, the second mortgage holder will step in and purchase the property subject to the first mortgage. So, in effect, the second mortgage holder can act as protection for the first mortgage holder.
This carries risks of its own. As the seller-financer, you'd assume all the downside but none of the upside. If the property goes up in value and then the owner cannot pay the loans, they will simply sell the house and pocket the equity. But if it goes down in value and they cannot pay, they can default, and leave you facing a big loss or having to fight a lengthy and complex court battle to get paid what you are owed (and even then you might not be made whole if the debtor has limited means or the property is in a nonrecourse state).
LOL! Asking someone how getting rid of their "OLD" house at a price of around $600,000 and buying a "NEW" house with their cash equity of around $225,000 is going to be an improvement is hardly being "judgmental". It's simply being realistic. Too bad that you don't have a good grasp of that concept.
It seems that you have unilaterally made decisions for the OP, such as:
> They are limited to a $225,000 purchase.
> They cannot downsize and spend less than $600,000.
> That you are well-versed in the out-of-state market they are moving to.
> That their only path to success is to massage your ego and embark on a path they prefer to shun.
Any good agent routinely protects clientele from that sort of intrusion.
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