This house....

iVillage Member
Registered: 09-12-2005
This house....
7
Sat, 05-06-2006 - 11:49pm

Guess what?

The house that DF and I are renting was put up for sale on Friday. I was really upset because I absolutely love this house, and if I were going to buy a house, it would be this one.

But after today, I feel so good about it! The landlord came out today and we had a talk and he agreed not only to take the house off the market for six months, but to give us six months of free rent in exchange for finishing the basement and repairing some minor damages. And then, he agreed to let us assume his mortgage, with no down payment!

I am so excited I could spit. He really wants to get rid of the house, so the assumption is the way he wants to go.

Here's a question. What the heck do I have to do in order to assume a mortgage?

Sarah

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iVillage Member
Registered: 04-26-2006
In reply to: stoonsarah
Sun, 05-07-2006 - 10:53am
Hi Sarah, I can't answer your question, but I did want to say congratulations on this developement, what a fantastic result!
Love
Anne :O)
iVillage Member
Registered: 05-09-2005
In reply to: stoonsarah
Sun, 05-07-2006 - 12:16pm
Sarah, that's great. I don't know how you go about assuming a mortgage either -- you would probably have to qualify with the bank that holds the mortgage -- you should probably ask the kind landlord if he and you could make an appointment with the bank or whoever holds the mortgage and find out what is required. At least that would give you 6 nmonths to qualify.
Megan
iVillage Member
Registered: 09-12-2005
In reply to: stoonsarah
Sun, 05-07-2006 - 1:17pm

Ya I'm pretty excited. We're kind of walking around making plans to change things and renovate. DF's mother said she'd cosign for the mortgage if I needed her to, which I certainly will I'm sure, with all of the credit problems that I have.

I'll keep you posted!

Sarah

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iVillage Member
Registered: 01-06-2005
In reply to: stoonsarah
Mon, 05-08-2006 - 10:28am

Sarah, how awesome!!!!!!!!

 

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iVillage Member
Registered: 09-12-2005
In reply to: stoonsarah
Tue, 05-09-2006 - 1:33pm

Thanks! I'm really really happy too.

I decided that I want to do one thing at a time. From the outside in. The first thing I want to do is sand the deck and re-stain it. That shouldn't cost too much. Then, when DS goes away (he'll be gone for 7 weeks this summer), I want to have his room painted for when he gets back.

Then we'll move to finishing the basement in the fall.

Sarah

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iVillage Member
Registered: 03-19-2003
In reply to: stoonsarah
Tue, 05-09-2006 - 5:00pm

How exciting!!!

iVillage Member
Registered: 01-06-2006
In reply to: stoonsarah
Tue, 05-09-2006 - 9:00pm

I agree with the other poster, get it in writing first then jump up and down. Don't stop paying rent till you have it in writing too.

I assumed the mortgage on the land fiance and I purchased. It was easiest way for us to buy at the time, but it also meant we got 1991 interest rates which were like 12% on the mortgage we assumed. You can also try and get a mortgage through another lender and use that to purchase. I tried but with my debt/income ratio at the time and the banks didn't want to touch a vacant lot transaction that small.
I would ask him to put you in contact with the mortgage company now, so that they can give you an amoratization and you will know exactly what is owed when you assume. I was working with a very small company I think they were title/mortgage company. They did everything and answered my questions over the phone once the seller gave permission/told them I was going to assume. They did the title search which makes sure there are no leins on the property and that taxes have been paid. For me it was a very simple application process, one page of income, bank account information that had to be signed when that was approved about a week because it was going back and forth in the mail I just had to sit down with the seller and sign the transfer of title, he had a notary from his condo meet us at his house so it was very convenient. I think I may have also needed a notary from work for one of my forms. I think overall the process for us was about 3 weeks total from initial talks to completion. I had to come up with $3,000 cash for the seller and he gave me the payment book and I started sending in monthly payments from that point. He was paying $175 a month and that is what I paid until I paid it off early in a lump sum...using a loan from a family member that consolidated all my debts at that time.

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