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Updated almost 5 years ago, 03/03/2020
Wanting to transfer a mortgage, what should I look out for?
*Asking for a friend, he hit me up about this topic and it is something I don't know much about.
My friend (who is active duty military) is looking to buy a newly built property (built 2018). The current owners recently retired and want to move out of state and are looking to transfer the mortgage vice selling the property. The sellers have only owned it for 1 year and are not looking to make a profit. My friend's idea is that on the positive side, the buyer and seller would avoid closing costs and realtor fees. However if there any red flags or things come up, he does not know what he should look out for? Seems too good to be true in his opinion. What advice should he have? I has orders to that area (Camp Lejeune NC area) and moves in May. He has his VA Loan in full if he wants to use it. He can only afford to put down 3.5% as a down payment if needed.