Is 'loan transfer' a thing?

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I just found myself in an interesting situation.

I made an offer on a portfolio of 4 Duplexes. I offered $190,000 and after a series of correspondences with the realtor, was told the seller owes about $205,000 and for that reason wouldn't accept anything else.

Is it possible to request his lender to transfer the loan to me? Thus circumventing any need for a down payment on my part? If I could assume the sellers loan as a means of "purchasing the properties" and save myself the 20% down payment my lender requires, the higher valuation would be worth it to me.

Curious your opinions and experiences....can I assume the sellers loan as a means of purchase?



It is possible, but it likely depends on who holds the existing loan.  They have to be willing to allow it to be assumed (and it very well may be spelled out in his original loan docs).

Not likely said "4 duplexes" so I assume they are on 4 different parcels, and likely a conventional loan.  Only fha, va and commercial loans have the possibility of being assumed, with a loan application and approval.