I was offered 60k to assume a recently refinanced property. Is there anyway to structure this to receive the money prior to closing? The buyer is willing and familiar with the property and me. The refi is assumable but undergoes the same process as a typical loan, so not really seeing any advantage for the buyer. My concern is time. Thanks.
Hey @Pete T. you could do an agreement for sale (e.g. contract for deed), a wrap around mortgage, a lease purchase or other potential structures (e.g. land trust, LLC, etc.). It really depends on the specifics. A couple of quick questions that come to mind...
- What kind of mortgage is it (e.g. VA or FHA)?
- How is the property currently owned (e.g. Direct Name, LLC, Trust)?
- What kind of time frame do you want/need for closing?
- Are there any rent restrictions in the community where the property is located?
- Do you care about the tax implications from this transaction?
- What are the buyer's plans for the property (e.g. owner occupant or investment property)?
- What does the buyer's credit look like? Can they get approved for a mortgage?
- Have they considered or talked to private lenders?
Like I said, those are just a couple of quick questions that come to mind before doing this deal.
Thanks for the input- we are looking to do a quick cash sale of a different property, just bc it will be easier and quicker.
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