Austin Note Assumption Experts
Although note assumption is a common enough term in real estate jargon, it is actually a complex process that often leaves many home owners and buyers confused. Essentially, note assumption means that one buyer is taking on the mortgage, or note, of another person when buying a home. While this is a beneficial real estate process for many home owners who need to move or can no longer live in their homes for whatever reasons, it can be tricky to navigate, especially as the person who originally took out the mortgage is almost always still legally responsible for the mortgage payments. This means that if the other person fails to make the payments or make them on time, then you are held accountable.
Our experts at Easy Road Home want every Austin property owner to understand the benefits and pitfalls of note assumptions, so that they can make the best real estate decision possible. By understanding the ins and outs of this process and enlisting the support of a knowledgeable real estate professional, you can better protect yourself and your interests.
Pitfalls to Avoid in Note Assumptions
Note assumptions can solve a lot of issues regarding reselling your property, but they can come with certain pitfalls as well. Some pitfalls that many people stumble upon include:
- Failure to read or understand your mortgage agreement initially
- Not making the new buyer sign an agreement to pay mortgage
- Not getting a good-sized cash down payment from the new buyer
Fortunately, with the guidance of a real estate expert, you can avoid such pitfalls and make sure you are protected as best as possible when it comes to navigating a note assumption.
Contact a Note Assumption Expert in Austin
If you are considering pursuing a note assumption or you have questions about note assumption in general, our real estate team at Easy Road Home can help. Call our Austin office today at 888-405-2817 to talk about this process and what your best options are.