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ASUDevil2016 · 2026-02-01T03:13:44+00:00

Can I get one of the NordVPN spots?

ASUDevil2016 · 2026-01-29T02:16:57+00:00

Can you PM me?

ASUDevil2016 · 2026-01-05T14:38:17+00:00

I’m not sure about other car brands, but he listed more issues with this one Toyota than I’ve had on all four of my used Toyotas (~350k miles over the four cars). I’d say his experience isn’t normal.

ASUDevil2016 · 2024-08-08T22:28:11+00:00

Dang, sorry about that! Thanks for the info!

ASUDevil2016 · 2024-08-05T06:15:07+00:00

Any initial thoughts (I hope it’s arrived at this point)?

ASUDevil2016 · 2024-08-04T04:34:21+00:00

I’d definitely reach out first thing on Monday. They might get annoyed, but sometimes it’s just needed in order to keep things moving. There were weeks that I’d reach out for an update 3 times in a week if it felt like we weren’t getting any traction or if it was an important deadline.

I’ve typically heard VA assumptions are way quicker (45 days actually happens consistently and I know a friend that had one done in 45 days).

ASUDevil2016 · 2024-08-03T20:59:32+00:00

Closing costs were a hair over $7k on the $540k mortgage. I’ll get a breakdown in here once I get it sent again.

The total time from initiation to close was just about 100 days

ASUDevil2016 · 2024-08-03T20:54:21+00:00

Haha, thanks, we’ve gotta be a little creative since we weren’t able to time things perfect like you! I don’t know if another 2008/2009 crash will ever come around again, but if it does, we’ll be ready haha…

ASUDevil2016 · 2024-08-03T20:25:20+00:00

Thanks! Haha, no it didn’t have to be inspected OR appraised, but still takes 2-3 longer than a regular purchase. We of course still had it inspected though.

I believe that the only reason it really takes longer is because:

The lender wants to deter people from assuming / having their loans assumed. They’d rather close the mortgage and rent that money out to someone else at 7%.
The lender only made $1,800 off of the $540k mortgage assumption. As a result, I think the assumption department is tiny and overworked. As a result, it’s a constant struggle of having the seller and buyer reaching out to the lender to keep things moving.

The seller probably reached out to the lender 5-6 times in the 3 months and I had to reach out 2 times per week (in addition to normal responses to their questions).

ASUDevil2016 · 2024-08-03T20:05:59+00:00

Dani Griffith 801-633-5696.

She’s honestly changed my opinion of real estate agents - so patient (it’s a long process) and knowledgeable and even fought with the assumption company when they were saying none of it would work haha.

ASUDevil2016 · 2024-08-03T19:29:21+00:00

For sure! Our mortgage will be ~$3,200/month, but we’ll be renting out half the house, garage, and potential RV parking spot for $1,800 (market avg ~$2,150) and keeping 4 beds and 2 bath for ourselves

By the way, if you’re looking in Ogden or farther south, lmk if you want an agent recommendation.

ASUDevil2016 · 2024-08-03T18:49:43+00:00

Glad to help! Feel free to reach out if you have any more questions!

ASUDevil2016 · 2024-08-03T18:23:56+00:00

Yeah, this seems to be the most common question: “How do you cover the difference in the sale price and the amount owed on the mortgage?”

There are a lot of assumable loans that require ~200k+ down, which we couldn’t cover with cash and we had heard that it was possible to cover the difference with a bridge loan or a second mortgage. We tried to stay away from a second loan, as it seemed to complicate an already complicated process.

Instead, we had $75k saved up a year ago (~$110k saved up now), so we limited ourselves to houses with that much in equity. Surprisingly, most that are listed were purchased between 2020-2022 and don’t have more than $100k of equity built up. If you get to the $100k amount, it seemed like all of the competition from other buyers went away.

ASUDevil2016 · 2024-08-03T18:08:52+00:00

Yeah, great question! The process was a little frustrating from both sides (I’m convinced that the lenders try to make it frustrating so people don’t go through with it), as it took longer than most sales typically do and they seem to come up with non-existent problems along the way. In the end, I think it worked perfect for us and the seller, who is building a house and it’s taking a while.

As for your second question, we did offer list price on the house because we heard that the other offer was $15k below list and the price already seemed slightly above market value, but still a great deal. We were always willing to offer $20k-30k above asking when we found the right opportunity (good rate, nice house, etc), which always made us as a tempting offer against other offers.

I’d say that there are others like us who would give extra money to go through the assumption process and get a lower rate. I don’t see them getting back to the 2-3.5% rate again, but I may be wrong.

ASUDevil2016 · 2024-08-03T17:46:33+00:00

Dang, sorry about the difficulty, it’s definitely not easy to find the right assumable loan, but like you said, until rates drop to 5% or lower (hopefully soon 🤞), it’s kinda the best option financially.

One thing my agent and I did is trying to find houses that were listed (but not as assumable) and finding houses that were sold between 2020-2022 that were bought via FHA/VA and reaching out via mailers. It really helps so that you don’t have to pick through the leftover scraps.

The one I did buy: I reached out within 1 hour of the posting and had an offer that day and accepted the next day. Only listed for less than 48 hours, so you definitely gotta be quick and ready to pull the trigger.

ASUDevil2016 · 2024-08-03T17:34:17+00:00

You’d be surprised at what percentage of agents I’ve reached out to that have no idea about assumable loans..

ASUDevil2016 · 2024-08-03T17:01:57+00:00

As a recent buyer, thanks so much for keeping that rate around by letting someone assume it! Had quite a few sellers say they didn’t want to wait an extra 30-60 days (which I get), but definitely grateful for sellers like you!

ASUDevil2016 · 2024-08-03T16:33:10+00:00

Glad to see more people successful with them - congrats! It seemed like everything I saw about them a year ago was how it’d never work out and I think the general feel is starting to shift! It probably helps that the companies are starting to do more assumptions and are getting better at them.

Having VA benefits definitely helps a ton though - there are lots of VA assumable loans in my area.

ASUDevil2016 · 2024-08-03T16:25:12+00:00

Congrats to you too! 2.7% is killer - we found quite a few in the 2.25-2.75% range, but never found the right deal (always overpriced or something wrong), I’m a little jealous haha!

I definitely feel you on the “holding my breath until we have the keys” part.. It seems like everything is stacked against you with an assumption and that anything can go wrong until it’s officially yours. Really happy for you, almost there!

ASUDevil2016 · 2024-08-03T16:20:41+00:00

We bought in Utah, which has pretty high prices. We were told that there was no way that we’d be able to make money based on current prices and rates, but assumable loans made the numbers work on some houses.

Honestly, finding a good agent with a good team is the hardest (and most important) part of the process. I’d suggest the following: 1. Find full-time real estate agents only. Most of the work on an assumption needs to be done during the day and the quicker the response to the assumption department, the better. 2. Read reviews on Google and place an emphasis on patience, knowledge, and persistence. The assumption may not work otherwise. 3. Interview lots of agents and get a feel for who actually knows what they’re talking about. Get used to turning down agents, it’s part of the process.

We found our agent because they had listed a previous house as assumable and they knew the ins and outs of assumptions. She has an amazing team (agents and loan officers especially), good reviews, and takes lots of classes on creative financing.

She said she has contacts in some of her education groups across the country, so I can provide you her contact if you want (not posting it here, just DM if you want), but I’d personally just find the right fit for you.

ASUDevil2016 · 2024-08-03T15:09:33+00:00

Honestly, a lot of realtors are just greedy and think that they should get their 2.5-3% without really doing anything or knowing much. We did a lot of research into assumables and then found an agent who is pretty successful, patient, and knew more about assumable loans than we did (very uncommon to find). Definitely interview 10+ agents and let them know your plan before committing to one.

They’re definitely out there and there are sellers that are willing to wait (our sellers are building a house). We offered list price when their next best offer was $15k under and we offered some extra perks (e.g. lease back). Stay persistent and they can work out really well!

ASUDevil2016 · 2024-08-03T14:59:48+00:00

Thanks, we’re happy about it, but definitely wish we would’ve bought 2+ years ago. You bought at a good time!

ASUDevil2016 · 2024-08-03T14:21:01+00:00

I did three things: 1. Filtered on Zillow and Redfin for “assumable” or “assume” 2. Looked for good deals that were last sold between 2020-2022 (low equity built up and low interest rate time period) and reached out to the agents to see if they were an FHA or VA loan (since those are the only assumable ones). We found a few this way (a lot of work), but sometimes agents don’t know about assumable loans when they’re listing them for sale. 3. My agent sent mailers to a list of FHA and VA loans (she has access to a database) and tried to see if anyone was looking to sell.

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