Wholesale/Assumable Mortgage

[Scott Terry-Cabbler]

I'm wholesaling a property.  Have a cash buyer, who happens to own a mortgage company.    The property still has a note on it, & he wants to assume the note.

Has anyone ever dealt with this before?

[Daniel Hedges]

You first have to find out if the note is assumable.  A lot of them nowadays are note.  You can do this by having the mortgagee check with their lender to see if the note is assumable.  Sometimes you can also get an authorization to release information signed by the mortgagee and that way you can contact their mortgage company and talk to them yourself.  Hopr this helps