The buyer was surprised and the sellers were surprised but today my listing in Fairfax went to closing with a 4% assumable loan. Why the surprise? Because up until a few days before closing no one thought that Wells Fargo would honor the assumable loan written by Wachovia. They certainly made it complicated enough.
The title company said they had to dust off the instruction book as they hadn't seen an assumable loan in 10 years. With more FHA loans being written today than in previous years we can all expect to being dealing with the differences between assumable loans and conventional loans for the next few years.
Though this home only stayed on the market a few days the assumable loan was a big draw and was a part of what won the buyers over. Tonight the buyers are in their new home in Fairfax and my clients are looking over the water in their new home in Belmont Bay. You have to love it when it all comes together even on a rainy day.
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