Do i have to take over the previous owner's loan?
If they are sell me the property won't they just pay back the bank the remaining principal they have left on the loan, and then I take out my own loan with a 15 year term? There loan says Due In: 3.
They list the ad on Loopnet as "proposed" instead of "actual." Is the difference b/t these two options just that proposed means I have the choice of taking over their loan, whereas "actual" means I have to take over their previous loan?
Not really sure how this works.
Thanks for helping a rookie.
Dec 22, 2008