My mortgage can be assumed, how can I sell it 2 another investor

2 Replies

I have an investment property that was my first home.

I was renting it to family for 2 years and have recently kicked the out from the property and have cleaned up the home, repainted and recarpeted it.

It's ready to be rented out again but I dont have the time and no longer wish to deal with the property.

I still owe quite a bit on it. I do know that my mortgage can be assumed and know that is usually attractive to investors.

How can I sell my property?

I dont have the money to hire a real estate agent or wait forever. I'd just like someone to take over the mortgage so I can be done with it.

The property is located in Chester, Pa and has 4 bedrooms and 2 full baths with a 1 car detached garage. Section 8 says that rents for homes with that many bedrooms and bathrooms can get rent up to $1700 a month.

And I know some people will say "why wouldn't you just keep it and rent it yourself and make some money" the answer is "time" I dont have it.

Working a rotating swing shift with no help puts too much stress on myself.

I've started a new life but the home is holding me back. I've already tried to offer it to as many people that I know but everyone seems to either have less than perfect credit(you need a score of 620 to qualify for the mortgage assumption) or no money.

The family I had renting from me were supposed to buy it but had money issues as well(which is why I kicked them out)

So what is your advice? How can I sell my property with an assumable mortgage to another investor? Or can I even sell it?

It sounds like you have an fha loan.  An investor can Not assume the loan, only an owner occupant can actually assume the loan since that’s what fha loans are for.  Not using an agent will drastically reduce your potential qualified buyer pool, by about 80%-90%, but you could advertise everywhere fsbo for a sale with an assumable loan....good luck with qualifying all the wanna buyers calls you’ll get though.

To expand on Waynes point, its very much so going to cost you more to do this FSBO then to get a good agent to sell it for you, especially if you dont know your way around a transaction

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