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Updated over 5 years ago on . Most recent reply

Account Closed
  • Chester, PA
16
Votes |
56
Posts

My mortgage can be assumed, how can I sell it 2 another investor

Account Closed
  • Chester, PA
Posted

I have an investment property that was my first home.

I was renting it to family for 2 years and have recently kicked the out from the property and have cleaned up the home, repainted and recarpeted it.

It's ready to be rented out again but I dont have the time and no longer wish to deal with the property.

I still owe quite a bit on it. I do know that my mortgage can be assumed and know that is usually attractive to investors.

How can I sell my property?

I dont have the money to hire a real estate agent or wait forever. I'd just like someone to take over the mortgage so I can be done with it.

The property is located in Chester, Pa and has 4 bedrooms and 2 full baths with a 1 car detached garage. Section 8 says that rents for homes with that many bedrooms and bathrooms can get rent up to $1700 a month.

And I know some people will say "why wouldn't you just keep it and rent it yourself and make some money" the answer is "time" I dont have it.

Working a rotating swing shift with no help puts too much stress on myself.

I've started a new life but the home is holding me back. I've already tried to offer it to as many people that I know but everyone seems to either have less than perfect credit(you need a score of 620 to qualify for the mortgage assumption) or no money.

The family I had renting from me were supposed to buy it but had money issues as well(which is why I kicked them out)

So what is your advice? How can I sell my property with an assumable mortgage to another investor? Or can I even sell it?

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