Rental Basics in Minneapolis>Question Details

Ms Pettiford, Renter in Minneapolis, MN

can i take over payment on a house before it goes into forclosure without having my credit ran?

Asked by Ms Pettiford, Minneapolis, MN Mon Apr 30, 2012

i found this listing on craigs list and they said i could take over a property with out them looking at my credit and i just had to qualitifie if i have been on my job for 6 months i just want to know if it's real

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Hi, Ms. Pettiford!

I would say the general rule of thumb applies here, "If it sounds too good to be true, it usually is". There are assumable loans, but I've never heard of one where the buyer doesn't have to go through the qualifying process. And, part of that process is having your credit pulled.

I would advise you to have your own agent. This would be a real estate transaction, so it's a good idea for someone to be working in YOUR best interests.

Good luck!
0 votes Thank Flag Link Tue May 1, 2012
I think some of these other agents are confused. I highly doubt you would be assuming a loan....sounds more like a subject-to deal.

They are perfectly legal and a tool investors use on a regular basis. Google the topic, and then please know these types of deals are usually for the professionals only. Once you steer away from traditional financing the doors open up to amazing financing opportunities, but it is also where the bad deals can be created and scams take place. However I can 100% tell you that successful investors know how to use these types of financing tools to the maximum.

A lot of us answered your other question on Trulia about buying a home with your fiance'. Depending on your goals a good Realtor who also works off the MLS can fit this bill for you. It just comes down to the interview.

We realtors are not the same, and we all have our strengths and business models we choose. Finding the right match for YOUR SPECIFIC goals is what should be running through your mind right now.

Happy House Hunting!
0 votes Thank Flag Link Tue May 1, 2012
Sounds like a HUGE red flag!! Proceed with caution!
0 votes Thank Flag Link Tue May 1, 2012
Sounds extremely sketchy, if you are seriously considering this ask a Realtor to evaluate the situation with you.
0 votes Thank Flag Link Tue May 1, 2012
AS many have very, very careful. It does not sound legit to me!
0 votes Thank Flag Link Mon Apr 30, 2012
Be cautious with this type of deal. Some FHA loans are assumable, upon QUALIFICATION. Otherwise, be diligent about assuming payments as you could end up paying something that ends up in foreclosure if not managed well. Also, check into what you are assuming, exactly. Are you assuming a loan on a property that has negative equity?? I would consult with an attorney and/or hire a real estate broker to represent you in a purchase transaction. Always do your due diligence and weigh any possible risks against reward. Good luck and remember: buyer beware :)
0 votes Thank Flag Link Mon Apr 30, 2012
If the loan is FHA it may be transferable, but you would have to qualify. Be very cautious when searching this kind of thing on craigslist. I can not imagine a scenario where you would not have to qualify.
0 votes Thank Flag Link Mon Apr 30, 2012
thank you
Flag Mon Apr 30, 2012
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