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I have an opportunity to purchase a single family home in…

I have an opportunity...

I have an opportunity to purchase a single family home in Texas by paying 9000 down, assuming the loan. The loan balance is 40K less than value of house. The seller has issued a POA to an intermediatry that is representing the seller. The intermediary has sent us a contract and has a few requirements that would be nice to review with a lawyer. For example, they are requiring that for one year, that leave the loan at the current bank under the current owners name.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

It is in texas. Hidalgo country

Lawyer's Assistant: Has anything been filed or reported?

Can you give me more explanation of what you are asking? THe house is preforeclosure. Nothing has been filed that I know of.

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Answered in 2 minutes by:
1/17/2018
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,079
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Honestly not sure if you want to buy this house with these terms and the intermediary.I would want to assume the loan now, you need to be assured you qualify for the existing loan.Be happy to look at anything you got here.

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Customer reply replied 4 months ago
Ok, to be honest, we have reviewed the house, location, and the wife, real-estate sales/invester says good deal. Something feels off. I am attaching the proposed contract. We have other investment properties and would have no problem with the refinancing. I am worried that the bank at any time can go NOPE

For example, they are requiring that for one year, that leave the loan at the current bank under the current owners name.

Is this in the contract you sent here?

Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,079
Experience: Texas Attorney for 30 years dealing in real estate
Verified
Ray and 87 other Real Estate Law Specialists are ready to help you
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Joycelaw
Joycelaw, Attorney
Category: Real Estate Law
Satisfied Customers: 116
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Customer reply replied 4 months ago
it is the contract they are asking us to sign, Also, some additional info. I just learned that the intermediary is a company that works with distressed/preforeclosure owners and that the 9000 downpayment is for the intermediary, not the seller.
Customer reply replied 4 months ago
Ah, my wife informed me, that the contract does not state that the loan must be in their name but that they gave a verbal on that one. sorry for confusion

Maybe you decide to let this one go.Your feeling is probably warranted here.Just sounds strange like they are cons.I looked the corporation is legit and in good standing but not around long.Sometimes when these things appear to good to be true they are and you look elsewhere.This is a strange situation on the loan here.They aren't being transparent about the why here and thats important to you.

I think I would consider passing here.

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Customer reply replied 4 months ago
I understand your opinion and reasons and concur with the advice. I was just told by the intermediary that the reason for the year is that it is a conventional loan and it cannot be assumed. I will do a lot more investigation and may come back with more questions later. Apparently this is a common issue here in the location. apparently I am getting a phone call from ask a lawyer regarding this.

Well think about it here awhile.That would sort of make sense , if the loan cannot be assumed for a year, are you getting title here now?

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Customer reply replied 4 months ago
Ok, so you and the other phone lawyer asked and said the same things. That is a good feeling when two independent opinions say the same thing. I will mention that when the system asked if i would rather talk than type, i thought it was going to connect me to you.
I have directed more questions to the sellers intermediary to obtain information (in writing) and will contact the bank directly that has the loan on the house. I believe that a conventional loan MAY be assumed in Texas if the homeowner is in financial distress.
I thank you for the valuable information, your time, and the advice.

You are so welcome good luck and stay warm.

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Ray
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Category: Real Estate Law
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