Are any sellers willing to let someone just take over payments? How do you do this right protect the seller?
Can I buy a home this way? How do you protect the seller whose name would have to stay on the loan? Can we simply pay into an escrow account or something which would then pay the bank? Would having someone else paying the mortgage protect the sellers credit and keep a foreclosure off of their credit reoprt?
If I am willing to pay part of the closing costs, would people consider this? Would Realtors approach their clients with this?
I would make sure the Agent got their commission if we close a deal.
I suppose if the numbers work out for me, I could even make up some missed payments. Is this a good way for a seller to get rid of an unwanted property or a bad situation?
Has anyone done this? How did you make it a win/win for everyone?
You really should contact a local agent to discuss the way this works in Illinois. it is different in every state. also your agent can explore properties which offer this option.
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Fair Housing and Equal Opportunity