Assumable loan

[Kara Judson]

There is a rental property in pretty bad shape (needs new kitchen etc) in good location. Owner has a mortgage with good rate that is assumable. Anyone BTDT? What things should I look for? Any hidden costs besides title search and lawyer fees? Also, does the property need to be appraised when this happens or does the original mortgage negate the need for that? Just thinking that the LTV is unlikely to be 30% based on amount outstanding and state of the unit

Thanks