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Old 06-03-2018, 03:03 AM
 
7 posts, read 2,465 times
Reputation: 10

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Hi - Can't seem to find the answer with Google. I may sell my home as an assumable mortgage. The value of the home and what's owed are pretty much the same so little to no equity involved. My rate is 3.6% which I believe will be attractive to potential buyers and provide a faster sell. What I don't know is if I need an agent (I may even know someone already who will want the house). Also, does my current lender provide a representative at closing to take care of all the details and signatures? Thanks!
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Old 06-03-2018, 08:29 AM
 
Location: MID ATLANTIC
7,570 posts, read 17,521,616 times
Reputation: 8035
Unless you are experienced in buying/seling real estate, always get your own agent. By the questions you asked, get an agent.

Your loan should (most likely) be an FHA or VA loan. Asuumptions for other loans (conventional) disappeared decades ago.

If your loan is assumable, you definitely could market fo top dollar, not only for rate, but for down payment. But be aware, many FHA loans of the past have mortgage insurance payments almost double what is required now, making your loan less attractive.

And if the agent you contact cannot tell you about release of liability, move on to the next agent. Many agents are not familiar with the assumption process, which could prove expensive for you, years after you sold your home.
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Old 06-04-2018, 07:25 AM
 
Location: Kansas City North
3,608 posts, read 6,710,726 times
Reputation: 4601
Buyer will need to qualify, just like with a new mortgage.
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