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Yes, we've been marketing just like a normal home and mentioning the assumable mortgage as an option, but from what I'm reading here, it sounds like a lot of uncertainty and liability plus a pain to deal with so..probably not a perk like we thought it was.Crossing fingers someone comes along with a traditional loan (or good old cash)at this point, we just want to sell and be done with the house and responsibility.
Thanks everyone!
Of course! All she has to do to keep the real estate people happy is simply cut her price about $150,000 to $200,000 and then they'll be able to find a buyer without having to know anything about financing, second mortgages, and all that other silly financial and legal stuff.
To the OP: Try to inform yourself and seek KNOWLEDGEABLE opinions about your numerous options for selling your home. The overwhelming majority of real estate salespeople are looking out for Number One, but that's not you. It's them! Whatever is easiest and quickest for them to get a commission is what they will promote.
Of course! All she has to do to keep the real estate people happy is simply cut her price about $150,000 to $200,000 and then they'll be able to find a buyer without having to know anything about financing, second mortgages, and all that other silly financial and legal stuff.
To the OP: Try to inform yourself and seek KNOWLEDGEABLE opinions about your numerous options for selling your home. The overwhelming majority of real estate salespeople are looking out for Number One, but that's not you. It's them! Whatever is easiest and quickest for them to get a commission is what they will promote.
Hogwash.
You are merely trying to harm an innocent poster to assuage your ego.
Then what are you and your spouse going to do for housing once your house sells? Are you and he splitting up, going to move in with someone else, going to start renting, or what? In order for a person to structure a creative deal that is satisfactory and workable for both parties, it's necessary to know what each party's real financial and housing situation is.
If you, as the seller, say "I want ALL my equity in CASH money at the closing and nothing else is acceptable", then you are greatly restricting yourself in how many buyers may be able to qualify for buying your house. Further, you're almost certainly going to get considerably less money for the sale of your house if ALL CASH to you at closing is the only thing you'll settle for. The real estate market has changed. It's not at all like it was just a few years ago when interest rates were dirt cheap.
So, in order for a knowledgeable and intelligent agent to get you the most money for your property and to have the largest group of potential buyers as possible to facilitate a quick sale, it's important for that agent to know your REAL reasons for selling and what your housing plans are after you move out of the house. The greater your flexibility, the better the odds for you getting a quick sale and at a price that is attractive to you.
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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.
Of course! All she has to do to keep the real estate people happy is simply cut her price about $150,000 to $200,000 and then they'll be able to find a buyer without having to know anything about financing, second mortgages, and all that other silly financial and legal stuff.
To the OP: Try to inform yourself and seek KNOWLEDGEABLE opinions about your numerous options for selling your home. The overwhelming majority of real estate salespeople are looking out for Number One, but that's not you. It's them! Whatever is easiest and quickest for them to get a commission is what they will promote.
YIPES.I realize real estate agents are going to do what's quickest and easiest for them, so that's exactly what I was trying to do posting here and asking about the assumable mortgage and whether or not it was of any value to anyone.No need for the attitude.
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.
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.
Yes. Good to get that confirmation. FHA changed their rules and some of us are still thinking of "before."
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.
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. Also, you say that you want to buy a "new home" with the "equity" out of your old home.
A little bit of simple math based on the numbers you furnished tells us that if you do accomplish that goal, you'll be buying a "new home" for well less than half the price of the "old home" that you're selling. That's not usually the way it works out with regard to the numbers, but if you can swing it, then good for you.
Feel free to check back with us at any time if you have further questions or if your situation changes.
Hogwash.
You are merely trying to harm an innocent poster to assuage your ego.
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.
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