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All Forum Posts by: Jessica Ashton

Jessica Ashton has started 2 posts and replied 6 times.

Post: Off Market Deal

Jessica Ashton
Posted
  • Posts 7
  • Votes 3

I have found an off market property and am working on analyzing the numbers. I am curious if you have any pointers on how to go about actually putting the deal together.

I have always worked with an agent in the past and have an agent I work well with and trust. I'm not experienced in putting the legal and paperwork side of things together. Bringing my agent into this, would it work just like your usual buyers agent situation, or, in this scenario would the agent's scope of work, and pay be different?

Advice?

Post: The Ultimate Guide to Off-Market Real Estate Deals: Why They’re Key to Your Investing

Jessica Ashton
Posted
  • Posts 7
  • Votes 3

I have found an off market property and am working on analyzing the numbers. I am curious if you have any pointers on how to go about actually putting the deal together. 

I have always worked with an agent in the past and have an agent I work well with and trust. I'm not experienced in putting the legal and paperwork side of things together. Bringing my agent into this, would it work just like your usual buyers agent situation, or, in this scenario would the agent's scope of work, and pay be different? 

Advice?

Tanner Pile, Thank you for the suggestion, I'll reach out to him. 

Quote from @Dave Skow:

@Jessica Ashton- thanks 1) contact lender to ask if the loan can be assumed and if so - get the detailed steps to take 2) most loans arent assumable ( fha and VA are ..conventional loans arent ) 3) I am not certian but I dont think someone on the loan can assume the loan 4) there ae qualified and non qualifed assumptions that lenders can offer ...if you aer trying to have one of you be removed from the liability of the loan - you will need a qualified assumption and the borrower ending up with the home and loan will need to qualify 5) get a real estate / divorce attorney to help with the process .....if the loan cant be assumed - your option is for a refinance to be done


 @Dave Skow, Thank you, I've been in contact with the lender and the process seems to be pretty straightforward, similar to purchasing a new loan, however closing is really long, and closing costs are out of pocket so I am trying to make sure and think of everything I can now to avoid having to circle back later. 

Quote from @Eliott Elias:

Are you the buyer or the seller? The lenders should be able to walk you through this step by step. 

 @Eliott Elias, Thank you, I am the buyer, the lender has been good about talking to me however they've quoted me a very long closing, 12-16weeks, and I know banks don't always like to grant these so am looking for any tidbits to help make the process streamlined and a sure win. 

Pro tips needed. I am about to start the loan assumption process as part of my divorce decree. I would appreciate any tips on how to: 1) Ensure that the process goes smoothly and as quickly as possible.  2) Avoid any potential pitfalls.