Frequently Asked Questions
Seller FAQ How do I list my home with HomeAssume.com? Listing your home with HomeAssume.com is simple and easy. The first step is to register a user account with HomeAssume.com. You can do so by clicking here Once you have created an account, click on the “My Property” tab where you will be led through a series of simple steps where we will collect information regarding your home and the details of your home loan. The final step to posting your home on HomeAssume.com will be to collect the posting fee via credit card. If you have any questions or difficulties with the posting process, you can contact a HomeAssume.com representative for further assistance. How will buyers find my listing? A buyer can find your listing through the “Search for Home” section. Once there, the buyer can enter the information they are looking for in their prospective home. If your listing has some or all of the preferences that the buyer is looking for, then your listing will come up in their search. How do I find my listing? To find your listing, simply log in to your HomeAssume.com account with your username and password and click on the “My Property” tab. How do I change information on my home listing? Once logged in to your HomeAssume.com account, you will be able to edit your account and change any information on your listing by simply clicking on the “My Property” tab. How do I upload photos of my home? To upload photos of your home, log in to your account with your username and password and select “Click to Upload” in the “My Property” page. Once the upload form appears, select the photo you would like to post, and they will automatically upload. How do I extend my home listing? Your home listing with HomeAssume.com is automatically renewed each month. How do I cancel my home listing? To cancel your home listing with HomeAssume.com please sign in to your account and click on the “Account Settings” tab then click on “Cancel Posting” at the bottom of the page. Please be advised that once you cancel your posting, you will not be refunded any portion of your posting fee. How do I contact a HomeAssume.com Representative? You can contact a HomeAssume.com representative with any questions via on-line chat, email or phone. The customer support hours are Mon-Fri 9AM-6PM MST. Buyer FAQ How do I register? Simply click on the “Sign Up” tab and follow the instructions. If you want to create an account now, click here. How do I search for a home? To search for a home on HomeAssume.com, simply click on the “Search for Home” section and follow the instructions. There, you’ll be able to fill in any and all criteria that you’re looking for in your prospective home. How do I get pre-approved to assume a home loan? Once you find a home, you and the seller will contact the current mortgage holder. They will provide all the information you need to become approved for a mortgage loan assumption. The mortgage holder will analyze credit and income. How can I get my user ID and/or password information? Your user name is your email address. To retrieve your password information, click on the “Forgot Password” link. From there, you will be asked to answer a series of security questions that you and only you would know. Click “Submit” and your username and password will be sent to the email account you registered with. Questions about HomeAssume.com What is HomeAssume.com? HomeAssume.com is a virtual marketplace that will bring buyers and sellers together with an innovative approach to buying or selling a home. It’s a low-cost option for buying and selling your home. This full-service website matches home buyers looking for their next home with sellers who wish to get out of their current home loan/housing situation. This low-cost option provides a way for buyers to know exactly what their monthly payments will be and how many months remain on the loan, with much lower fees than traditional home buying. What are the benefits of using HomeAssume.com? -Low-cost option. Instead of paying closing costs, with HomeAssume.com, you only pay two fees: One to register and one to facilitate the transaction from buyer to seller. -Buyers can potentially assume a mortgage at a lower interest rate with little or no money down. -Sellers won’t have to pay a percentage to a real estate broker, which can end up being thousands of dollars. -Offers the seller the opportunity to get out of a loan/housing situation that no longer works for them. With HomeAssume.com, no one is “stuck.” -Cuts out the middle man (brokers) Who can assume a home loan? Almost anyone can assume a mortgage loan! You must be 18 years old, a legal US citizen and must qualify for the loan. Is my mortgage assumable? To find out if your mortgage is assumable, look at your original mortgage’s Deed of Trust or Truth-In-Lending papers, and it will note whether or not your mortgage is assumable. If you have any questions contact your bank, or a HomeAssume.com representative. Can I be both a seller and a buyer with HomeAssume.com? Yes you can. You can monitor all of your account activity with a single username and password. How often are home listings updated on HomeAssume.com? All postings on HomeAssume.com are updated in “real time”. Will my current mortgage holder/bank allow me to work with HomeAssume.com? HomeAssume.com is merely a site to allow sellers to find potential buyers. Once that connection has been made the current mortgage holder will take over. All major lenders in the United States permanently staff an “Assumption Department.” Can I look for a home in a different state? You can look for a home in any state in the US. How will using HomeAssume.com affect my credit? HomeAssume.com is neither a credit agency nor a credit provider. Utilization of this service will not impact your credit in any way. Can I work with HomeAssume.com internationally? HomeAssume.com is currently operating in the United States only. What steps do I take if I see a home I like? If you see a home you like, you should contact the seller in a timely manner to let them know that you are interested in their home, as other HomeAssume.com users may be interested in the same listing. You can contact the seller by clicking the contact link provided with each listing. How do I insure that the information on a home listing is correct? At HomeAssume.com, we try to maintain the highest integrity with all of the listings on our site. Ultimately it is the responsibility of every buyer and seller to insure/validate the information that is being provided. There are many ways to facilitate this process, please conduct an on-line chat or send an email to HomeAssume.com for more information. What are the fees involved with assuming a home loan? Who pays the fees? There are two general fees associated with assuming a home loan with HomeAssume.com. First, the initial fee is paid by the seller in order to list their home on our website. Second, a fee will be charged if the seller decides to use a HomeAssume.com Advocate to facilitate the assumption process. This fee will be paid by the seller to HomeAssume.com. Do I have to give a down payment if I assume a home? In most cases a down payment is not required in a mortgage assumption transaction. Once I begin the process of home loan assumption, can I back out? You are not contractually held to any obligation to buy if you are simply inquiring about further details of the home. Will home assumption affect current loan rates? The mortgage loan assumption process allows for buyers to assume a mortgage at the rate in which the seller obtained the mortgage initially. The buyer would be held to the terms of the original mortgage loan Note and Deed of Trust. With a home assumption, can I change my ARM? Upon a successful mortgage loan assumption, the buyer is eligible to refinance their home as any other mortgage holder. In many cases (FHA/VA) the buyer would be eligible for a streamline refinance 30 days after the transaction is consummated. What is the difference between taking over a home loan and taking out a home loan? Benefits: -Low-cost option. Instead of paying closing costs, with HomeAssume.com, you only pay two fees: One to register and one to facilitate the transaction from seller to buyer. -Buyers can potentially assume a mortgage at a lower interest rate and little or no money down. -Sellers won’t have to pay a percentage to a real estate broker, which can end up being thousands. -Offers the seller the opportunity to get out of a loan/housing situation that no longer works for them. With HomeAssume.com, no one is “stuck.” -Cuts out the middle man (brokers). What does a traditional home loan involve? In today’s market the qualification standards for you as the buyer are quite high, especially when it comes to your credit history. A traditional home loan will require a bank or lending company to thoroughly analyze your credit, income and assets altogether. The loan will involve title companies, lending companies, escrow, closing costs, brokers, broker fees and potentially a higher interest rate. This is why assuming a home loan is such a benefit to you. Questions about assuming and transferring a home loan What is the process in assuming or transferring a home loan? The assumption process is similar to most lending companies. The individual wishing to take over the home loan submits a credit application to the lending company. Then that lending company will make a decision on the credit-worthiness of the applicant. If the credit application is approved, home loan transfer documents are prepared and signed by the original mortgagor and assuming party. The transfer is complete when the signed documents are returned to the lending company and processed. There are variations in the fees and details for each lending company. Please consult with the lending company involved to understand their processes and fees. HomeAssume.com representatives are standing by to help you with these details as you are assisted through the home assumption process. As the seller, am I still liable for the mortgage after the assumption takes place? The seller needs to work with their lender to ensure that they receive, in writing, a release from the mortgage liability once the assumption takes place. If I take over a loan from someone with less than desirable credit, do I also assume their bad credit and any fees involved? The assumption process will allow the buyer to assume a home on a clean slate with the current mortgage holder/lender. What role does my lending company play in home assumption? All loan assumptions require the approval of the lending company involved in each particular home loan (i.e. Bank of America). The lending company will review the credit-worthiness of the potential buyer. If the buyer qualifies then the company will proceed with the home loan assumption. Most lending companies charge separate fees in connection with home loan assumptions and they are typically paid by the buyer. Please consult with the lending company involved to understand their processes and fees. How can I be sure that the home is in good condition if I am in a different region? You can have an appraisal or inspection done on the property. This will tell you a good idea of what kind of condition the home is in. There is typically a fee involved that is not charged by HomeAssume.com. You can negotiate who pays this fee with the seller. There are home appraisers and inspectors located in all states. How long does the loan assumption take? The loan assumption process generally takes about three to four weeks to get all of the documentation processed. When is the loan transfer final? The transfer is complete when the signed documents are returned to the lending company and processed. There are variations in the fees and details for each lending company. Please consult with the lending company involved to understand their processes and fees. HomeAssume.com representatives are standing by to help you with these details as you are assisted through the home assumption process. Is it possible to assume a home in a different state? Absolutely. All you need to do is find a home that you are interested in and take the necessary steps to assume that home loan. How do sellers benefit by using HomeAssume.com? · Save thousands · 100% release of liability · Sell with little or no equity · Sell if behind on payments · Virtual selling marketplace · Easier to find qualified buyers · Thousands of buyers available How do buyers benefit by using HomeAssume.com? · Save thousands · Easier qualifications in today’s marketplace · Search for homes all throughout the U.S. · No money down · 100% Financing · Virtual shopping marketplace · Instant notification of your dream home Can the home be inspected if the buyer and seller live in different states? Yes, just make sure to coordinate with each other to have the house inspected. There are home inspectors located in all states. Once the loan assumption is complete, am I liable for anything? As the buyer you will be liable for all applicable fees, payments, etc on the home. For example, if there is an HOA fee, you would be responsible for that fee on a go forward basis or until the home is sold. It is important to fully understand all fees prior to finalizing the transaction.
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