All Forum Posts by: Angela Crockett

I'm finding some listings on a popular realtor mls listing site (not sure if I'm allowed to say which one here)  that have a box on the listing which states "Assumable Mortgage" and has a "learn how" button, when I click on the button it says: "This home has an assumable mortgage"  and it lists the current average interest interest rate for April 2024 (7.00) for a new loan vs.  with assumable mortgage average interest rate (3.2) for the exact month and year when the sellers bought this home. I checked at the county and this is the correct date. 

My question is: where does the realtor site get this info that this loan is assumable? I ask because I was told by a realtor that it is an ad and that this mortgage is not assumable. But it doesn't look like an ad at all and this isn't something that is on the majority of all listings on the site. Only a few that I have seen. Could it be that it is assumable but the realtors are not aware of this? Ideas on how to proceed in a situation like this would be appreciated.

Mahalo! I appreciate your insights.

Hi Joel, Thanks for the input. I will definitely proceed with caution and will not be acting alone. For sure, there will be title report, etc. I am pretty good at investigating and I know some further details that I won't be posting here as to why the owner might have wanted to leave suddenly. I have also confirmed with the county that she is the legal owner of the property. However, do you feel it's necessary to have a preliminary title report prior to making an offer? I was thinking of this as part of the due diligence process prior to closing. In any case, I am planning to have a real estate attorney look over any purchase agreements before we proceed with anything. 

Hi, This is my first post here and this would be our first real estate investment purchase, if we go through with it. I have found a house that the owner seems to want to get off her hands. She has already moved out. She is not listed with an agent. My market research shows an after repair value of at least $300,000 but I think $350,000 is realistic. I am basing my calculations on the lower number to be conservative. We have walked the property on the outside, but have not been able to see the interior. It's a 3 bed/ 2 bath about 1,500 square feet.

The outside of the home looks solid, but the roof may need replaced. The main issue that would scare away buyers is that there is a lot of debris (couches, household contents, ect.) that have been basically thrown in a pile in the front of the house. When I asked if we could go look at the house she warned me about the stuff outside, saying she had to leave "in a hurry" and she threw a lot of stuff outside when she left. 

From my research on the county's website, it doesn't appear to have a mortgage on it currently. She paid $115,000 about 7 years ago, and lived there up until a few months ago. I asked her what she hoping to get out of it in it's current condition and she did not give a price.

 My only contact with her has been through private message on Facebook. I am trying to build a rapport with her, but it's difficult to do in this way. I have a feeling she never wants to go back to the house. She wants to sell as-is. 

In her last messege to me she asked me what I would offer for it. So far, all I have said in response is that we would love to make an offer but that I wanted our offer to reflect the true condition of the home and that was difficult to know since we have only seen the exterior. 

I would like ideas on how we could proceed. My feeling is that she is embarrassed and overwhemed with the condition of thte home and just wants someone to step in and deal with it without her having to confront it. Should I just give her a price based the worst case scenario, a total gut job remodel, since we have to assume the worst if she doesn't want us to see it? Any offer we make will have an inspection period clause in it for sure, so we will definitely see the inside before closing. If we go through with this, our plan is to flip it and sell.