Have a house to sell?

Have a house to sell?

We buy houses! Even if they have no or little equity! We are currently buying in Hays County, Williamson County, Travis County, Harris County, Galveston County, and Montgomery County. Call 512-593-6990 or visitwww.TheTexasHouseBuyer.comto sell your home today.

Ive never heard of that! What most sellers tell me when I first explain buying their house subject-to the existing mortgage.

Sometimes, a house has plenty of equity and I can pay cash. Other times, there just isnt enough equity to buy the property at price that make sense for me. Solution? Buy the property and keep the original loan in place.

So, whats a sub-2, anyway? Who would anyone want to sell their house subject to the existing mortgage?Well, first lets start with what it is. When I buy a house subject to the existing mortgage, that means I buy the house and the property is deeded to me, however, the original lien (loan) stays in place. It does not get paid off at closing. So instead of me going out to get a new bank loan, I simply begin taking over your payments. Here are the questions sellers usually ask me when deciding if selling sub-2 is right for them. That is basically what I do, except I dont physically mail a check, I pay it through my bill pay and my bank sends your mortgage company the check.

Q: Should I call my bank and ask them if the loan is assumable?A: No. I do not assume the loan. Most loans are not assumable, anyway. What I do is simply start making the payments. The best way I can explain it is this: say your nice Aunt Mathilda decides that she is going to help you out. She has plenty of money and is going to start paying your mortgage for you. She simply gets her checkbook out, and starts sending the bank the check each month.

Q: Does the loan stay in my name?A: Yes, the loan stays in your name and on your credit. With continued payment, this can actually have a positive effect on your credit score over the years.

Q: Why would I want to sell my house with the loan still in place?A: You have to look at all your options. If you need to sell, this may be your best option. If you need heart surgery, you dont exactly WANT to have your chest opened up, but what are your options? If you want to save your credit and not make 2 payments every month, this may be your best option.

Q: How do I know if the loan is being paid?A: You can log in to your account and check! I always pay more than the amount due and pay a week or two before the payment is due. Funds are withdrawn from my account automatically month after month.

Q: What does my loan have to look like, in order for you to be interested in buying my house subject-to the existing mortgage?A: In general, I look for 30 year fixed rate mortgages with interest rates in the 3 to 5 percent range. The monthly payments need to be lower than the amount of rent I can collect on the house each month.

I hope this answered some of your questions about whether you should sell your house subject to the existing mortgage. You can learn a lot more by googling selling my house subject to the existing mortgage.

If you would like to sell your house please fill out our basic property information sheet at our home pagewww.TheTexasHouseBuyer.comor leave us a message at our pre-recorded line at 512-593-6990 and we will call you back.

Thanks for watching!

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