Believe it or not- it exists. It’s called an FHA streamline appraisal. You have to be current and have an FHA loan. It does not matter if you can’t qualify otherwise. Even if your credit is not great. No income verification, no credit check.
When you are dealing with a seller and taking over the property subject to the existing loan, you are going to transfer the property to a trust, with you as trustee. So in order to get the bank to talk to you, you have to get a signed authorization to release information from the seller Then you call the bank and tell them that you are the trustee and that you have this form and ask where to fax it.
There are several rules that you might now be aware of that have contributed to my success and I think they will do the same for yours. These apply to real estate and also to all areas of your life,
Years ago I was a housewife living in Florida, and just trying to increase our income. I became a real estate seminar junky and quickly acquired 44 properties in a down market. Well, as that famous philosopher, John Lennon said, life is what happens when you are making plans. I found myself divorced with alimony that would not even cover my rent.
I just continued doing what I had learned and, guess what- I MADE A LOT OF MONEY- so much so that my ex petitioned the court to stop the alimony because I was making 4 times what he was making.
When it comes to real estate, there is no such thing as an oral contract. It’s especially important to get things right when dealing with contractors. No handshake deals. My ex and i who was an attorney put our kids through college on broken trust issues,