after assuming seller's loan, what to do about insurance?

[David Lo]

Hi all,

There is a seller wanting to sell his house because he's retiring. He paid 90k, still owe 75k and willing to sell at 80k with assuming his current loan.

This is my first time doing this, after hearing the podcast few weeks back on assuming loans.

my question

1. how do I approach seller bank on this issue?

2. how do I title the property

3. who pays for insurance and how to let the loaning bank know?

these might seem simple but I want to make it right the first time, appreciate in advance.