Maryland Real Estate Authority |
| Posted: 06 Sep 2010 02:00 AM PDT A woman once told us that according to her family there was an aunt who got a great deal on a house by taking over the mortgage from friends who were moving to another town. She had been told that the aunt bought the house for a thousand dollars. Though the woman was not sure that this was possible and thought that it was just some kind of family folklore, she did ask how this could happen. When someone takes over a mortgage, they have likely done so through an assumption clause. Simply put, an assumption clause lets the buyer take over the responsibility for a mortgage from the seller. However, there is very often little that is simple about an assumption clause. They are not a guaranteed part of a mortgage and some mortgages are constructed to exclude them. Assumption clauses often involve a fee and some legal wrangling. Some mortgages have due-on-sale clauses that get in the way of assumptions. Sellers who are able to offer an assumption will find that buyers will be especially interested if the current mortgage has an interest rate that is lower than the interest rates being offered. With 17 years of Maryland real estate sales experience to share, top Annapolis realtor John Day can help you find or sell your home with the minimum of headaches. If you want to discuss your situation, please feel free to call him at 410-507-2909. |
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Maryland Real Estate Authority Part 1
Maryland Real Estate Authority Part 1
Maryland Real Estate Authority Part 1
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