Assuming mortgage/selling house without a realtor

You could only do that for VA

Thanks for sharing that.

I guess to be clear I’m not trying to sneak anything past the mortgage company, I may call them and ask about it. Perhaps they would rather deal with me vs risk losing the mortgage.

Yeah this doesn’t sound like what I’m looking for. I thought maybe there would be a slicker way to do it all above board. Thanks for all the responses

I would not get indebted to a friend, going to change your relationship. Happens all too often.

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Perhaps they would rather deal with me vs risk losing the mortgage.

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Unlikely given the seller’s interest rate is well below current market. People selling or paying off 3% loans frees up capital for the bank to make a new loan at 5-6%

YouTube subject to or seller finance. Pace Morby has a lot of videos on it. But your friend would have to be on board

Thanks, I wasn’t sure what to google. All of this has given me some stuff to research. Honestly seller financing might would work.

Edit: I don’t think any of these routes are really practical for this situation. It seems like each one has massive potential to go south

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JFC

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I don’t really feel like it was a ridiculous thing to ask. Interest rates are basically double what they were not too long ago. If you have two parties that are about it, there’s a lot of value in trying to preserve that lower interest rate.

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A friend wants to sell his house, I want it. His mortgage interest is much lower than what is available and I’d like to explore taking over his mortgage.

Has anyone ever done this? Anybody know how this works?

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It can be done.

I sold a fourplex to a real estate agent this way, and he paid be $400 per month to owner-finance it. He financed into his own note once the rates justified it. My agent had done this for clients several times perviously and had the necessary contract. Essentially, the contract was that if the buyer doesn't perform on the mortgage the property defaults back to me. We used a title company like normal IIRC.

The agent that purchased my fourplex told me at the time that he'd acquired too many properties over a short period of time, so he had to wait a given period to refil. I suppose that could have been true but my agent and I just thought he wanted me to carry the note until the rates dropped. Lo and behold when the rates dropped enough, he paid off my mortgage and refi'd.

(edit) He even used my 1098 mortgage interest statement associated with my mortgage for his own taxes. I remember this specifically because he asked for a copy the three years before he refi'd. The point being I don't think either he or I were operating in a gray area. This is in Utah BTW.

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That sounds like a bond for deed.

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I relied on the advice of my broker/agent, who I'd used on some other transactions. He also knew the agent that purchased my fourplex. The buyer had a great reputation and did have 7-8 other rental properties, so perhaps what he said about being able to acquire timely financing was true.