OfflineOwner contacted me with an assumable offer and said she will get back to me with the figures. Can someone tell me what questions I should ask and how I should work this deal (I am even willing to bird dog this deal) thanks DG family!! Connecticut area!
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Even though a mortgage is assumeable you should always look at the terms of the mortgage.
Is the remaining balance owed on the mortgage note more than what the properties value is?
What are the terms of the note, interest rate, remaining years left, the monthly payment.
Are there any payments in arrears?
Are taxes and insurance figured into the note?
You may be able to negotiate with the note holder to lower interest rates and change terms of the note, all things are possible!
I hope that this information helps!
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