First Time Home Buyer

What is the name of your state? Georgia

I am thinkingof buying a home from a seller with no brokers involved. What I would like to know is if the seller is willing to have an investor carry another mortgage why would he be willing to sell the home at less than what the apprasial is.

[nextwife]

WE do not know the seller's motivation.

If the current mortgage will remain, the first lender must authorize assumption of the mortgage, otherwise they could exercise their due on transfer clause (more likley there is than is not one, but check it out), second, have licensed property inspector inspect the property thoroughly, third, check with the municipality and see if there are any current proposals pending or approved that would in any way devalue it's residential use. Carefully review all terms of the proposed junior mortgage.


Have an attorney review everything, write the offer to purchase, get a title commitment to insure your interest, and have it properly closed and recorded.

[HomeGuru]

Originally posted by zbellasdad
What is the name of your state? Georgia

I am thinkingof buying a home from a seller with no brokers involved. What I would like to know is if the seller is willing to have an investor carry another mortgage why would he be willing to sell the home at less than what the apprasial is.

**A: may be the Seller can not afford to pay the mortgage.