Loan Assumption Mistakes I've Made That You Can Learn From!

I've been doing these for about 15 years so I could talk about this topic for days!

Where to start.... All of these have cost me money, time, hair and sleepless nights.

The best advice I can give anyone wanting to do Loan Assumptions & Wraps is to "MAKE A THOROUGH CHECKLIST AND STICK TO IT"

It is easy to get distracted or excited and forget to get a key piece of information during a transaction. It is also easy to forget to get a document or disclosure signed. 

PAY ATTENTION TO YOUR CHECKLIST!

In no certain order:

1. Forget to get “disclosure of due on sale acknowledgment” signed

2. Forget to get “insurance proceeds” acknowledgment signed

3. Forget to get seller’s POA signed

4. Executing a weak POA

5. Not getting sellers ss# and DOB

6. Not doing a thorough property inspection

7. Overvaluing the benefits of no money down vs property value

8. Not fighting tax value yearly

9. Not requiring seller to give me online acct access

10. Not extending the balloon payment to a longer period

11. Not explaining the process better to the seller

12. Not going through an attorney

13. Not getting the right insurance policy

+ so much more!