Approaching seller offering "assumable loan"?!

[Maria Matthew]

Hello all, newbie investor here looking to get my second property and would LOVE your advice! 

I saw a listing and in the description the sellers are offering an assumable loan, and I would love to know the best way to approach them! 

I have a sister in law who is an agent who could help with the convo, but she isn't an investor herself. 

I'm curious is they're in distress, and why they're offering that option, and how to make it a win win for everyone. 

Should I find their phone number somewhere? Send them a letter? Drop by with flowers?! 

Thanks for your support in advance! 

[Olivia Sequin]

Hi, I bought my most recent investment property by assuming the seller's mortgage at a 3.3% interest rate for a 3-year term :) It was a win-win for both of us. I saved about $55k in interest. I paid the seller an additional $25k in purchase price. So he got an extra $25k and I came out $30k ahead. If you do go this route, definitely get a lawyer involved to draft up all of the documents. Not sure where you are purchasing, but I have a great real estate lawyer in Denver.

It definitely helps to have an agent who has done this before. As far as approaching the seller, call the listing agent (or seller, if FSBO) and just ask what terms they have in mind as far as interest rate, term length, down payment amount, etc. Often times I call listing agents (on behalf of my buyer clients) and they tell me to just make them an offer with proposed terms. And then we negotiate from there! Everything is negotiable when it comes to seller financing so there is a lot of opportunity for a win-win!