Posted on: 02nd Feb, 2009 08:38 am
My buyer would like to just take over payments of house, insurance and taxes. We both agree we need to get an attorney involved. We owe 78,000 on the house. Just taking over payments in not owner finance??? I am so confused. What should we do??
Yes, it is better if you get an attorney involved. By the way haven't you signed a legal contract prior to the owner finance?
The loan would have to be "assumable" if you intend to transfer it to the person buying the home from you. However, they would still need to qualify. The first step is to call the bank and find out if you have that type of loan. My guess is you don't. Get an attorney involved as Sara mentioned. Unfortunately, using an attorney is not common practice in many states. You should protect yourself.
You need to get a lawyer and transfer it to the potential buyer through the bank.