Can a Bank Executive Be Convinced to Allow a Mortgage Assumption?

[William Coet]

The seller has a rate of ~4% and we are being quoted 8%. Is there any way a bank will allow a mortgage to be assumed? Initially they said no, but can a "higher-up" approve it? Are there any strategies to make it happen?

Thank you

[Account Closed]

Quote from @William Coet:

Quote from @Account Closed:

Quote from @William Coet:

The seller has a rate of ~4% and we are being quoted 8%. Is there any way a bank will allow a mortgage to be assumed? Initially they said no, but can a "higher-up" approve it? Are there any strategies to make it happen?

Thank you

Why asssume it? Why not just take it Subject To?

Good question.  I think the seller will be reluctant.  Any idea how I can convince them it's a legit transaction?

They have to be willing and motivated. If you explain that you will take over their debt and make the payments and that can be done through an escrow servicer that makes sure it gets paid, that is about the best you can do. They will have questions that you will need to answer. You can check out this post to see some of the objections they may have.

Using Subject To, to Get "Free" Properties

https://www.biggerpockets.com/forums/311/topics/1060320-using-subject-to-to-get-free-properties-a-quick-guideline