Profile picture for usaa

take over payments on house?

i want  to sell my house, this person is offering to take over property, he will make house payments,insurance paymnets, and even give me some money, he said that it will take avout 3-5 years of payments under his name to be able to refinance and take me out of loan, he wants tittle to the property, any advice will help a lot, dont want to get scamned. thanks

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April 07 2009 - US
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Answers (5)

Best Answer

He should be able to qualify in two-years maximum. Even if he filed bankruptcy or has a foreclosure. He could potentially refinance it in as little as 12-months.


If he is willing to pay you directly for the house, insurance, and an additional fee, then that is a possibility-- but relying on anyone to make these payments for you-- that's dangerous and could result in his not paying it or paying late-- and affecting YOUR credit.


Also, signing over title could affect YOUR mortgage! Beware. Your lender could "call your note" and you would have 30-days to pay it off.


You need to hire a Real Estate Broker or an Attorney if you are considering this seriously. If you tell the buyer that you want him to discuss it with your attorney, see if he is scared away. The Buyer should also be willing to allow you to run a credit check and a background/criminal check. If not, RUN!

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April 07 2009
Profile picture for sunnyview
Do NOT turn over title to anyone like this. At that point they have title you have the loan responsibility and it can be bad. IF you consider dealing with this person at all, get an attorney to look it over or you may get taken.
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April 07 2009
RUN!
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April 07 2009
The way to avoid being scammed is to hire an attorney familiar with property law. Your posting suggests he is far more familiar with the structure of this kind of transaction than you, which is never a good position. 
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April 07 2009
Profile picture for Mr Caveat
if it were me, i would offer to RENT the home for x amount of time with the option to buy at the end. give him a monthly payment upfront (take your mortgage and add 2% interest a year for "risk") and make very clear in the rental agreement that the lessee is responsible for repairs and utilities, etc...prorate the total sales price for the portion of principal he has paid...

i would structure it this way because if he defaults on YOUR loan, you want the to preserve the legal opportunity to evict him... i would further suggest that an attorney be involved in the drafting of such an agreement.

when rent to own is involved, assuming you dont have or need the equity, it is generally accepted that you come out ahead of the renter... if things go smoothly, but a lawyer will be very quick to point out the multitude of ways that this can come back to bite you. if they elect not to buy the home, trash it, lose their job, etc... you are the first line of defence, he defaults its your headache, they knock out a wall, they hire a neighborhood kid to mow your lawn and he gets hurt, whatever... its your headache, not theirs and not the banks. just be aware.
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April 07 2009
 
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