What are the total cost for a person to sell property via loan assumption deal?

Question

What are the total cost for a person to sell property via loan assumption deal?

Answer 1

You should call your mortgage company and verify with them.   The odds are slim that your mortgage is assumable, but ask how much they are charging to switch it out of your name.

If you are thinking about leaving it in your name while they "assume" it, this is a scam.    You will end up giving up all rights to the property, but keeping the mortgage.

Answer 2

You can't unless you know if your loan can be assumed or not.

Unless you have an FHA or a VA loan, I can pretty much tell you, that it's not assumable.