Is it possible to take over morgage or rent to own?

Asked by Maryannetyre, Sat Feb 25, 2012

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Jerry Cibuls…, Agent, Southold, NY
Sat Feb 25, 2012
It is possible to "take over" a mortgage. The term is an "assumable" mortgage. When the mortgage was written on the purchase of the house, the contract will show if the loan is assumable or not. The home owner will have to check the paperwork. The other option is "rent to own". Under this program the renter and owner will establish an agreement. This agreement will indentifiy the rent, how much may go towards the down payment., This agreement should also establish the timeframe to closing the sale and what the purchase price will be. This agreement should be reviewed by the attorneys for the renter and owner. This way there is a clear path and agreement.
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Anna M Brocco, Agent, Williston Park, NY
Sat Feb 25, 2012
As for the mortgage, much will depend on if it's an assumable mortgage, or not; as for rent to own, that will depend on the owner; however, rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well before considering such an idea. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright; also consider working with an agent of your own.
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