Non assumable Loan

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Non assumable Loan

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06-16-2006, 03:36 PM

deniceac is offline

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Join Date: Mar 2006

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Non assumable Loan

What is the name of your state? CALIFORNIA

We have property which we have agreed to sell for $300,000 to a FRIEND. The loan is not assumable, the property is unique and difficult to finance (two units - on MFH). Is there any type of agreement which will allow the buyer to take over payments ($200,000 loan)while we carry another $50,000 at the same rate while she puts her house up for sale.... Both units currently are rentals and would provide her with enough to cover the payment while we hoped to be released from responsibility for upkeep, expenses, and landlord responsibility. Any ideas?

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