We specialize in helping our clients find Bend, Oregon homes for sale with an assumable mortgage! Call Becky at (541) 797-9575 or email her at becky@prbend.com
When listing your house for sale, the real estate agents at Preferred Residential try to think of every little thing that sets your home apart from all the others on the market. Is there outdoor living space with a fire pit and gas plumbed to the BBQ? Does it have a tankless water heater? Is the garage big enough to actually get two cars inside? ...AND still have room for storage? Is your mortgage assumable?
Wait...What? You didn't think there was such a thing as a listing with an assumable mortgage any more? There is but many real estate agents don't even think to use it as a marketing feature. Currently both VA and FHA mortgages can be assumed as long as the buyer qualifies under the lender's guidelines.
The goal with marketing real estate is obviously to get someone to buy. The key is to get them to come look at it first. Being able to tell buyers that a listing has an assumable mortgage provides a nearly irresistible hook to get them to come look at your home.
Benefits of an assumable mortgage
Home buyers love the idea of an assumable mortgage. They also love the real world benefits like potentially getting a lower interest rate than what the market is offering. Other benefits of assumable loans include lower closing costs, potentially shorter amortization periods, and often no appraisal is required. Those are some pretty compelling reasons for a buyer to consider your home but it isn't just the buyer who can benefit.
There is a potential monetary benefit to the seller. That can be in the form of a higher selling price or having the buyer pay seller's closing costs. The real benefit though, is more attention from prospective buyers and that extra attention should result in a shorter wait for an offer.
With mortgage interest rates projected to continue to rise for the foreseeable future, assumable mortgages will be very attractive to buyers. Having a Realtor® who understands how to market FHA or VA assumable mortgages should be very important to sellers.
*A few notes: VA home loans can be assumed by anyone not just veterans. Sellers should make sure they get something in writing from their lender stating they have been released from liability for the mortgage. For more information see: How to qualify for a FHA assumable loan and VA assumptions are for more than just veterans.