How do I buy a house with a loan on it?

Posted on: Sat, 12/08/2012 - 18:47

Member

Posts: 20

Joined: 2011-08-02

Points: 86

Offline

How do I buy a house with a loan on it?

Hey guys,

I've been getting calls through my bandit signs that they want to sell their houses but they have loans on it. How do I approach this? Or should I only buy houses that are free and clear?

Thanks,

Sam

p.s. quick replies are appreciated

__________________

by WissamBatal
Login to post comments

Posted on: Fri, 12/14/2012 - 16:18 #1

Official Coach

Posts: 201

Joined: 2011-10-25

Points: 674

Offline

How to

Sam,
The process of buying houses is the same no matter the loan status.
1- You need to make sure you have a buyer that would be interested in the property. Unless you have investment capital of your own.
2- You need to run your numbers. That’s going to tell you if it’s even a feasible option.
If they still have a loan chances are you will be asking the bank to do a short sale. Remember the only thing short about a short sale is the word “short”.

Login to post comments

DISCLAIMER: Our DG site is here to provide real estate education, training and social networking without the promise/claims of earnings or return on investment. We don't offer tax, accounting, financial or legal advice. Before doing any real estate transaction, you should consult your own accounting, legal and tax advisors to evaluate the risks, consequences and suitability of that transaction. This site accepts and contains posts from our students, readers and the general public that we do not modify but also do not verify. There are no guarantees implied except where specifically stated.