Seller Financing?
I saw a house for sale by owner on craigslist. The owner has been trying to sell the house for 4 months due to job transfer.
The house is basically brand new (Jan. 2007). He only has $9,000 in his equity. The agreement (we haven’t sign the papers yet) is he will carry the loan for 3 years until I get my own financing.
I found out his loan is not assumable and I need to come up with another solution. I don’t mind seller financing but the problem is that he doesn’t own the house free and clear. He basically wants me to take over his $1435 a month payment for 3 years until I get my financing. Since the mortgage is in his name, how can I get credit for paying his mortgage until I get my financing?
Walk away.
He can’t rent on his loan (which is what he is talking about) and he can’t finance you either.
There is no possible way for you to get any “credit” for HIS mortgage, as legally all you are doing is paying rent.
This is not a good deal for you, in fact it is one where he is trying to take serious advange of you.
Toronto Real Estate; SAVE w/ assumable Mortgage
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