How We Take Over Your Payments, Step by Step
No jargon and no surprises. Here is exactly what happens from the first call to the day you hand over the keys, and what stays your responsibility along the way.
- Las Vegas homes
- Bought as-is
- No agent commission
- Closes through a title company
- You pick the closing date
The Idea Behind It
Your mortgage has a rate and a payment. If you set that loan up between 2019 and 2022, the rate is probably much lower than what a buyer would be offered today. A buyer who steps into your existing payment keeps that low rate, and you get out of the house without a commission, repairs or another round of price cuts.
What the loan does not do
The loan does not move to a new lender and does not get rewritten. It keeps the same lender, balance and monthly amount it has now. This is why the arrangement only fits some homes.
Why we ask about your rate first
The whole value sits in the gap between your payment and a new one. If your rate is already high, there is little gap, and we will tell you so right away on the first call. You can also read about other options after an expired listing on our guide page.
The Four Steps
Step one: a short conversation
Call us or send the form. We ask for your rate, your total monthly payment with taxes and insurance, about what you owe and what you would need to walk away with. If you do not know your rate, your mortgage statement or lender's online portal usually shows it.
Step two: a walk-through
If the numbers look workable, we visit for about twenty minutes. We look at the house and go through the loan details with you. Nothing is signed, and you are free to say no.
Step three: terms in writing
You receive the proposed terms on paper. Take your time with them and take them to your own attorney. We would rather answer questions for a week than rush a signature, and we will say so out loud if something in the terms deserves a second look.
Step four: closing at a title company
If you decide to proceed, the sale closes through a title company, the same way a conventional sale does. You pick the closing date, commonly two to three weeks out, and we confirm it once the paperwork is in order.
Find Out If Your Payment Can Be Taken Over
Send your address and a phone number. A real person looks at the home and the loan details you share, then calls with a few questions before anything else happens.
Would you rather talk first? The red TALK TO ALEX button rings our line directly.
Who Makes the Payments After Closing
This is the question that matters most, so here is a direct answer. After closing, we make the monthly payment, and the payments run through a licensed third-party loan servicer. The servicer keeps a record, which means you are never relying on our word alone.
What you will be able to see
You can ask for payment confirmations, and we put the servicing arrangement in writing before closing. If you ever want to check on the loan, you can contact your lender directly and ask for the account status.
What stays in your name
The loan remains in your name, so it still appears on your credit report until it is paid off or refinanced. Because of that, we recommend you speak with your own attorney and, if you like, a mortgage professional before you sign. Our questions page covers what owners most often ask about this.
What You Are Responsible For, and What We Are
Spelling out who does what keeps everyone honest.
Your side
You provide accurate information about the loan, the taxes and the condition of the house. You sign the purchase agreement only after you are comfortable with it, and you move out by the closing date you chose.
Our side
We keep the payment current through the servicer, handle the property after closing, and pay the costs the written terms say we pay. We do not ask you to make repairs or clean the house for us.
Shared, through the title company
The title company handles the transfer of ownership, the recording and the closing statement. You see every number before you sign. If a detail looks wrong, ask before you sign, and we will go through it with you. Questions you would rather ask a person can go through our contact page.
Questions to Bring to Your Own Attorney
We are not your lawyer, and nothing on this site is legal, tax or financial advice. A short visit with an attorney of your choice is worth it before you sign anything like this.
Ask about the agreement
Ask what each clause means for you after closing, who is responsible for what, and what happens if a payment is ever late.
Ask about your loan documents
Ask your attorney to read your mortgage paperwork and tell you in plain language how a sale like this interacts with it.
Ask how your information is handled
Our privacy policy explains what we collect and who sees it, and an attorney can tell you whether anything in it matters for your situation.
Ask about your own situation
Your taxes, your credit and your next home purchase are specific to you. An attorney or advisor you trust can look at all three. When you are ready, the home page has the form, or you can read about who we are first.
Before You Call
Does my interest rate change?
No. Your loan keeps its existing rate, balance and monthly payment. That unchanged loan is what makes the arrangement work.
What if I want to talk to a lawyer first?
We encourage it. Take the written terms to an attorney of your choice and ask every question you have before you sign.