This strategy is for:
Home Owners/Sellers: Who have a FHA, VA or ARM loan, has little or no equity value in their home, and are having a challenge selling their property through traditional sales methods.
Buyers: Who find the down payment and closing cost to be too high.
Assumable mortgage - A mortgage that can be transferred with no change in terms.
Most VA/FHA/ & some Adjustable Rate loans are assumable. Look up your loan below or check with your lender to be sure.
Loan lookup tools:
VA Assumable Mortgages - Any VA mortgages made before March 1, 1988, is assumable. The buyer must be credit qualified. If the seller is a veteran, they should confirm how this will affect their VA eligibility.
FHA Assumable Mortgages - All FHA mortgages made before December 1, 1986 are assumable. FHA Mortgages made between December 1, 1986, and December 14, 1989, can be assumed with a buyer credit approval. FHA mortgages made after December 14, 1989, can be assumed.
Conventional/ARM (Adjustable Rate Mortgage) - Adjustable-rate mortgages first appeared in the 1960s but did not gain wide popularity until the 1980s. These Adjustable Rate Mortgages are based on the US Treasury weekly average yield. It includes a 1yr maturity published weekly by the Federal Reserve. Sellers should contact thier lender directly to confirm assumability.
Avoid all traditional cost associated with buying & selling a home.
|• No Realtor Listing Services
||• Minimal paperwork
|• No Down Payment Cost
||• Convenient Signing process
|• No Closing Cost
||• Improved Home Affordability
|• No Appraisal Cost
||• Advertising Power|
|• No Bidding Wars
Sellers note: Please keep the release of liability documents received from the lender, as it will protect you in case the new borrower defaults. If the owner is delinquent, but not in forclosure, you may be required to pay the past due amount. Be sure this language is included in the "due on sale clause" to avoid surprises.
Home equity values are declining. To free themselves from debt and save their credit rating, many home owners are willing to forfeit the little equity they have remaining. If there is a desire to move or sell, Takelist.com is the next best option. If the Home Owner wants to capture some of the equity, they can request the buyer to provide a cash payment for the equity. Legal documents would be necessary to accomplish this. Sellers who have a lot of equity use traditional selling versus finding a buyer to assume their mortgage.
Home equity = The difference between the market value and the outstanding balance of all liens on the property.
True equity = The amount you can capture in cash. This is normally received in a check when you close a loan.
It is important to recognize that there is a difference between the two terms.
Example- Sellers who have little equity in their property should realize that even though it is called Home Equity, you will not be able to get 100% of it. Only a portion of it is the true cash equity. Home equity is appealing to buyers. True equity is appealing to sellers.
Posting your home on our directory makes it visible to hundreds of visitors per day. Buyers will contact you directly.
Our cost is only $59 until it sells.(24 Month max) This rate is subject to change.
Conventional loans that have a ARM (Adjustable Rate Mortgage) are assumable. Coventional loans that have a Fixed Rate includes a due on sale clause which requires the balance to be paid in full when the property is sold. Fixed rate loans follow the strictest guidelines for eligibility and are not assumable. Even if it is not assumable homeowners who have a Conventional mortgage can post their home if they are interested in offering a Contract For Deed option. Interested buyers will need to eventually establish their own financing. There is plenty of information for research online about this option. Here is a place to start http://en.wikipedia.org/wiki/Land_contract
Takelist.com can also be used as a House swapping resource. Relocating to a different city or state is important when you are changing business location or simply want to move to a warmer climate. In addition trying to buy "contingent upon selling" can be difficult. Some have even missed out on buying their dream home because they could not sell their current property fast enough.
With us, its easy to team up with others who want to explore swapping homes. All homes clearly specify if the seller is optimizing a house swapping option. Once you post yours and they list theirs, you can contact each other to combine your efforts.
How does this work? The entire process is the same for both properties. Each owner will need to credit qualify and complete each of the steps required by their lenders. Since each signing is separate and there is no obligation to either owner it would be best to schedule the signings on the same day.Check mark the House Swapping option if you are interested in relocating or need to sell before you can buy.
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Your home will gain better visibility over other sites that are crowded with too many listings. You have complete control over your property details and posting your home is simple. We are the only dedicated sales resource on the web for Assumable properties that have low or no equity. Our marketing strategy is unique and guarantees massive showings of each property. We provide a easy to use tool for sellers and buyers to connect. All champion referral names and contact information is kept confidential.
Yes. This directory service is new. The strategy however is decades old. We are now the dedicated resource for finding assumable mortgages, and will continue to educate home owners of this option. Although this has been around for years, many do not know their mortgage is assumable, and can transfer it to someone who wants it.
Inflated housing prices and appraisal reviews were two major components that led to today's economic challenges. In addition, several bank failures were the direct result of volatile mortgage lending. While it will take some time to undo the effects of these, transferring the sellers financing on to the buyer does resolves the issue of non performing mortgage loans, controls inflation, improves home affordability, and saves consumer credit ratings. These benefits can only be reaped by consumer action.
Yes. You can entertain multiple offers at the same time. In this scenario your lender will most likely accept the person who is most credit worthy.
Increase interest by marketing your property to buyers online. Homeowners who post their property with our directory can add-on marketing campaigns unique to their address. This low cost service gives advertising power. Designed for results, you will be able to purchase 10,000 - 100,000 guaranteed showings of your home as often as you need. All packages are exclusive to your property, performance trackable, and reaches both Local or National audiences within 30days. Customers will be contacted by our advertising team to get started.
We are so confindent in our service we are happy to share credible competitor resources with you. Take a look and then Take advantage of our service today.