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Updated almost 11 years ago on . Most recent reply

User Stats

98
Posts
48
Votes
Alma Mills
  • Real Estate Investor
  • Los Angeles, CA
48
Votes |
98
Posts

Can a seller who lets someone purchase their property subject to get another home loan?

Alma Mills
  • Real Estate Investor
  • Los Angeles, CA
Posted

My wife and I have a property we are planning on purchasing subject to the existing financing. The seller is willing to do the deal but only if he can qualify for a loan on a new home in Arizona. He was suggesting that if he shows lenders the purchase agreement from us stating we will be paying the note they may be more likely to lend to him.

I know most of you are probably not mortgage underwriters but I thought you may have had or heard of similar transactions. If so please share ideas on how we can help them get their new loan approved.

Thanks!

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