Assume Any Loan

Presented by The Buck Law Firm, PC.

* 1109 Heatherstone Dr. Fredericksburg, Virginia 22407
(540) 785-2122 Fax (540) 785-5075

* 8280 Willow Oaks Corporate Dr. Suite 600 Fairfax, Virginia 22031
(571) 765-6210 Fax (540) 785-5075

There are many low-interest rate loans on the books. These become very attractive as new-loan rates rise. Most of these loans are not assumable. You can't take them over because they contain a "Due on Sale" clause which gives the lender an option to call the loan if title transfers. You must apply and qualify with the lender and seek permission to assume the loan. The lender will want to adjust the interest rate to "market" defeating your goal of a low-rate loan.

There is a way to piggy-back on existing low-interest loans - recycling them to avoid new financing. Dust off an idea from the past and learn how to move property using the existing loan with a Contract for Deed.

We wrote the book on Contracts for Deed and have over 45 years experience with this unique way to sell property when financial markets fail or interest rates rise. You can learn more about us by clicking on the tab "Who Do I call?" to the left. Email us at AskUs@BuckLawyer.com

Here’s how the Contract for Deed answers today’s challenges for both buyers and sellers.

PROBLEM: Higher rates mean higher payments and fewer buyers can qualify.
ANSWER: Offer a Contract for Deed with the existing loan's low rate to attract buyers. Favorable financing also adds value to the transaction and can bring a higher price.

PROBLEM: Lenders have tightened qualifications, increased down payments and restricted jumbo loans, investor loans and loans to anyone with less than perfect credit. Lots of buyers are frozen out of the market - stigmatized by a short sale or foreclosure. The buyer can make the payments but can’t find a new loan.
ANSWER: Don’t get a new loan. Use the old one with a Contract for Deed. Forget financing contingencies, restricted programs and uncertainties.

PROBLEM: The house won’t appraise. Prices have risen faster than appraisals. Appraisers are afraid to put a fair value on property.
ANSWER: Use a Contract for Deed to sell without a new appraisal.

PROBLEM: The seller wants to move quickly and with certainty. Don't wait 45 days for the new-loan process only to find out the buyer won't qualify or the house won't appraise.
ANSWER: Use a Contract for Deed to move quickly and eliminate uncertainty.