Real Estate Agent · Worcester, MA · Member since 2021 · 15 posts · 11 votes
Hi my name is Carolyn,
I am very new to the community of REI. I have been thinking about it for years, but now I am serious about it. I want to try and approach a family friend about their property that they have a mortgage on. They are older and I see that they still are paying for their mortgage and having to do the upkeep of having tenants. I want to try and see if they want out of that to be more relaxed. With all that being said, I want to offer them more money than I have. Would a bank give me a loan to pay them, or give me a mortgage on the home and pay theirs off? Has anyone done this and can explain some options?
Real Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votes
5y
Yes, this is more than possible and is done all the time.
I would recommend you find both an attorney and a lender. The attorney will be able to assist you with the logistics of purchasing the property such as the purchase & sale agreement, title search and etc. The lender will obviously help you with getting a mortgage. They will need to run your credit, check bank statements and etc to confirm you are qualified for the loan.
Not having a realtor is not a big deal, your seller will save a bit on their fees (which you can tell them as a selling point) but there may be a little more leg work as you do not have the convenience of a realtor taking care of some of the in between work for you.