DO FHA loans allow for someone to take over payments?
Monday, 30. August 2010
Real estate in my area is in a slump and I am trying to sell to relocate. I am on my third realtor and still nothing. I am thinking about offering to sell the house for 10K(my equity) and allow the buyer to take over payments(56K) but my loan was an FHA loan(Countrywide is the lender) Can I do this?
Mary B Says:
Yes, they do. The buyer has to credit-qualify on the same guidelines that you did when you purchased it.
Tip: Check the going interest rate for FHA…if your interest rate is substantially lower…you can actually command a premium price for your home if the buyer is assuming your old loan.
Brain Says:
It is worth a shot. The likely hood that you’ll find someone to qualify is also slim. Trust me, I’m in the business. Have you talked to your real estate agent about a lease to sell option? If you’re willing to let go of $10K, why not list it on e-bay or some other auction site (you can put your min. as your reserve)? Does your real estate agent, keep your fliers stocked? I know that may not seem like a reason, but people like to look w/o being contacted, until they make a decision. Or, there is a book at Barnes and Noble "How to sell your home in 5 days." It basically tells you how you can auction your own home. Before you attempt these things, be sure to cancel your broker agreements with your real estate agent…do it in writing. Good luck!