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Updated 11 months ago on . Most recent reply
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I am wanting to pass on my interest rate and sell my home
I have a home I am wanting to sell that has a great interest rate with a conventional loan.
I would like to make this loan assumable so that the interest rate will help it sell fast.
Also curious if I can increase the sell price in exchange for them to get a lower interest rate?
does anyone have experience doing this? Would you be able to point me in the right direction, and teach me about any hurdles I may run into and how to overcome them.
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- Real Estate Broker
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Quote from @Chris Coltrin:
First, talk to your lender or read your documents to see if the loan is assumable.
Second, determine the value of the home. If you have $20,000 in equity, then you can require the buyer to pay you for the equity and then assume the remainder of your mortgage. You may want to sweeten the pot by only charging them for some of the equity (e.g. $10,000 instead of the full $20,000).
- Nathan Gesner
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