<ul>
	<li><strong>Express interest</strong>&nbsp;&ndash; Schedule a consultation. Contact the seller to express interest. Wait for the owner to respond. Make arrangements to view the property. Confirm your credit rating is above 600. Discuss the current loan details with the seller. Request assumption package &ndash; Sellers must contact the lender directly to request an assumption package. This package will tell the buyer everything they need to do and everything both can expect during the process.</li>
	<li><strong>Review</strong>&nbsp;&ndash; Review the exact terms of the loan. When assuming a mortgage, you need to make sure that you understand everything. Ask the lender about the specific requirements to move forward. You may also need to credit qualify for the loan. Some lenders may ask for a small amount to secure the loan. To avoid surprises, buyers should review the due on sale clause. If the seller is delinquent, but not in foreclosure, you may be required to pay the past due amount. This language would be located in the &ldquo;due on sale clause&rdquo;.</li>
	<li><strong>Inspect</strong>&nbsp;&ndash; As a protection, we suggest you have the home inspected before you buy it.</li>
	<li><strong>Sign</strong>&nbsp;&ndash; Before signing anything, it is vital that you read over every piece of paperwork and you completely understand everything. Consider if you need to pursue a second mortgage to make up any pricing differences. Then provide the lender with the required documentation.</li>
	<li><strong>File</strong>&nbsp;&ndash; Sellers should keep the release of liability documents received from the lender, as it will protect them in case the new borrower defaults.</li>
</ul>

<p>Disclaimer &ndash; Many owners are not aware their property is assumable and need guidance. Takelist cannot guarantee the prospective owner will respond. Nor can we promise they will start or complete the assumption process.</p>