So, you found a motivated home seller and reached an agreement. Now what?
Well, now you need to get the paperwork done and close. This is what you have really been afraid of all along, isn't it?
We will get into the actual step-by-step completion of the paperwork later but for now we'll just take a look at an overview of the process.
As I said before, you will buy the home right there at the kitchen table (kitchen table closing). The seller actually signs the Deed over to you on the spot. This means there are no closing costs and no attorney fees! That is why you can agree to pay all closing costs - there really aren't any.
Almost all loans you will run into will have a Due On Sale clause. This means that if the house is sold, the bank can accelerate the mortgage and force the total amount to be due. However, in actual practice, the bank just wants the payments (although you are not officially taking over the payments by assuming the loan). As a general rule, as long as they are receiving the payments, the bank is happy.
Filed under Uncategorized by on Apr 12th, 2006. Comment. 