Latest / The Assumable Guy Show
What if the Seller Has a Second Mortgage on the Property?
Finding out a seller has a HELOC or a second loan on a property does not mean the deal is dead. It means most buyers walk away from a killer rate for no reason. Ryan explains why you are only ever assuming the first loan, the FHA or VA loan with the rate in the twos, and the seller's second mortgage gets cleared out of their proceeds at closing the same way it would in any normal sale. He runs the numbers on a real scenario, a $430,000 purchase where the seller has both a $400,000 assumable first and a $25,000 HELOC, and shows how the buyer still brings the same cash, still gets 2.99%, and…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.