How crucial permits to get loan on house I am selling?

August 24th, 2010 by Bank Loan | 1 Comment | Filed in Loans

Question by Lighthearted: How crucial permits to get loan on house I am selling?
I have 50 yr old house I fixed up that looks very nice but two of the additions from 20 years ago do not have permits and do not meet code, but they are nice addtions to the house and safe, etc. How tough will it be for a buyer to get a fha or va or conventional loan on this house without permits? My realtor says VA or FHA won’t allow it.

Best answer:

Answer by glenn
I have been in real estate for 29 years and have sold unknown hundreds of houses. I bet some have had additions built without permits. I have never had a loan of any kind fall thru because of the lack of permits.

I have had some fall thru because of shoddy condition.

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I need to find someone to assume my house loan. How do I get started?

July 10th, 2010 by Bank Loan | 6 Comments | Filed in Loans

Question by JosieE7: I need to find someone to assume my house loan. How do I get started?
I’m recently divorced and my oldest son just moved out. I don’t have the money to fix it up, but I want to find someone to Assume my loan. I did start removing wallpaper from the previous owners and I’m painting. But it’s a nice size house and I just need to get rid of it. It’s just me and my 16 year old and it’s too big and I’d rather spend the money I put towards the mortgage on me ane my kids. I just need some help badly and would rather have someone assume it rather than giving it back to the bank. Any suggestions?
My bank will let me do an assumable loan and there are papers that state that I will not be held liable once the new owners take possesion of the property. I don’t want to turn it over to the bank and file for bankruptcy.

Best answer:

Answer by badotisthecat
you could try to sell it and use the proceeds of sale to pay back the mortgage.

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