Seeking Agent with Assumable Loan/Mortgage Expertise

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Seeking Agent with Assumable Loan/Mortgage Expertise

Carlos Enriquez
Member since 2019 · 5 posts · 3 votes

Hi Everyone,

I am a first-time home buyer seeking an agent with experience in assumable mortgages. I am house hunting in the Sacramento and Greater Bay Area and have been pre-approved.

Any recommendations for a RE Agent with Assumable mortgage experience would be greatly appreciated.

Thanks!

2Reply
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Ranjit Sandhu
Real Estate Broker · Rocklin, CA · Member since 2020 · 221 posts · 82 votes
2y

Closed a deal in Lincoln where my buyer assumed FHA loan at 3.375% rate. We were able to close in 40 days. I heard some banks take longer. If you get assumable loan that will be great but majority of time assumable loan is for primary residence.

1Reply
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  • Jake AndronicoBusiness Member
    Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
    2y

    @Carlos Enriquez

    I like the way you think! If you go under the "more" tab in Zillow you can search the keyword "assumable" which will look for that keyword in all of the public listing description notes :) 

    Hope that helps! 

    415-233-1796
    0Reply
  • Scott ScovilleBusiness Member
    Real Estate Agent · Sacramento, CA · Member since 2019 · 497 posts · 272 votes
    2y
    Quote from @Carlos Enriquez:

    Hi Everyone,

    I am a first-time home buyer seeking an agent with experience in assumable mortgages. I am house hunting in the Sacramento and Greater Bay Area and have been pre-approved.

    Any recommendations for a RE Agent with Assumable mortgage experience would be greatly appreciated.

    Thanks!

     @Carlos Enriquez are you looking for a primary home or an investment? We've been doing a lot of seller finance, sub2, creative finance in Sacramento. Be happy to chat more about this.

    [email protected]415-933-2202
    Scoville Realty & Investments LLC
    WebsiteView Page
    1Reply
  • Carlos Enriquez
    OP
    Member since 2019 · 5 posts · 3 votes
    2y
    Quote from @Scott Scoville:
    Quote from @Carlos Enriquez:

    Hi Everyone,

    I am a first-time home buyer seeking an agent with experience in assumable mortgages. I am house hunting in the Sacramento and Greater Bay Area and have been pre-approved.

    Any recommendations for a RE Agent with Assumable mortgage experience would be greatly appreciated.

    Thanks!

     @Carlos Enriquez are you looking for a primary home or an investment? We've been doing a lot of seller finance, sub2, creative finance in Sacramento. Be happy to chat more about this.

    @Scott Scoville Investment. I was just on a webinar yesterday hearing about Sub2. I would be interested to chat about it more and hear about the different options for acquiring an investment property while avoiding current interest rates. I have been fixated on assumable loan lately, but I am also new to the game so I'm open to creative options.

    0Reply
  • Ranjit Sandhu
    Real Estate Broker · Rocklin, CA · Member since 2020 · 221 posts · 82 votes
    2y

    Closed a deal in Lincoln where my buyer assumed FHA loan at 3.375% rate. We were able to close in 40 days. I heard some banks take longer. If you get assumable loan that will be great but majority of time assumable loan is for primary residence.

    1Reply
  • Carlos Enriquez
    OP
    Member since 2019 · 5 posts · 3 votes
    2y
    Quote from @Jake Andronico:

    @Carlos Enriquez

    I like the way you think! If you go under the "more" tab in Zillow you can search the keyword "assumable" which will look for that keyword in all of the public listing description notes :) 

    Hope that helps! 

     @Jake Andronico Thanks! That's what I have been doing but it's limited since it's dependent on the listing agent spelling it out. 

    1Reply
  • Carlos Enriquez
    OP
    Member since 2019 · 5 posts · 3 votes
    2y
    Quote from @Ranjit Sandhu:

    Closed a deal in Lincoln where my buyer assumed FHA loan at 3.375% rate. We were able to close in 40 days. I heard some banks take longer. If you get assumable loan that will be great but majority of time assumable loan is for primary residence.

     @Ranjit Sandhu Nice, that's a pretty good timeframe based on what I normally hear, but to your point very dependent on the bank/entity servicing the loan. I am not opposed to living in it for a year or two and renting it after. Do you mind me asking what company was servicing the FHA loan? Thanks!

    0Reply
  • Ranjit Sandhu
    Real Estate Broker · Rocklin, CA · Member since 2020 · 221 posts · 82 votes
    2y
    Quote from @Carlos Enriquez:
    Quote from @Ranjit Sandhu:

    Closed a deal in Lincoln where my buyer assumed FHA loan at 3.375% rate. We were able to close in 40 days. I heard some banks take longer. If you get assumable loan that will be great but majority of time assumable loan is for primary residence.

    It was M&T Bank.

     @Ranjit Sandhu Nice, that's a pretty good timeframe based on what I normally hear, but to your point very dependent on the bank/entity servicing the loan. I am not opposed to living in it for a year or two and renting it after. Do you mind me asking what company was servicing the FHA loan? Thanks!


    0Reply
  • Scott ScovilleBusiness Member
    Real Estate Agent · Sacramento, CA · Member since 2019 · 497 posts · 272 votes
    2y
    Quote from @Carlos Enriquez:
    Quote from @Scott Scoville:
    Quote from @Carlos Enriquez:

    Hi Everyone,

    I am a first-time home buyer seeking an agent with experience in assumable mortgages. I am house hunting in the Sacramento and Greater Bay Area and have been pre-approved.

    Any recommendations for a RE Agent with Assumable mortgage experience would be greatly appreciated.

    Thanks!

     @Carlos Enriquez are you looking for a primary home or an investment? We've been doing a lot of seller finance, sub2, creative finance in Sacramento. Be happy to chat more about this.

    @Scott Scoville Investment. I was just on a webinar yesterday hearing about Sub2. I would be interested to chat about it more and hear about the different options for acquiring an investment property while avoiding current interest rates. I have been fixated on assumable loan lately, but I am also new to the game so I'm open to creative options.


     Just sent you a DM:-)

    [email protected]415-933-2202
    Scoville Realty & Investments LLC
    WebsiteView Page
    0Reply
  • Noah Laker
    Real Estate Broker · Sacramento, CA · Member since 2021 · 517 posts · 408 votes
    2y

    Hey Carlos, I’m a broker here in sac and we do a lot of subto/assumable deals. I have a couple opportunities in sac. Are you looking for a primary or investment? 

    0Reply
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