We approached the existing lender for a loan assumption.

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

Experience depends on who you deal with - the cleaner the loan file and more organized your paperwork the smoother the process with any private lender.

Stop reading if you want.2) I couldn’t guess what “There is a 6 months of grace period before interest payment begins” means.3) They call their $3555 charge a “Loan Fee,” stated a few lines up as 2%. 2% of $235,000 (loan amount) is $4470.4) Do you seriously believe the loan fee, “… IS 100% REFUNDABLE IF THERE IS ANY DEFAULT FROM THEPART OF THE LENDER OR IF THE BORROWER CHOOSES TO TERMINATE THE LOAN.”5) It’s okay to pay an appraiser directly.

Is the loan assumable? 

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

There is a local loan program, I believe it is called the MCT loan. 

Too bad I was 12 years old and couldnt take out a loan lol not sure how to take this

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

Based on the numbers seems like it was a straight forward conventional loan...any challenges?