February 3, 2023

I offer to take over the payments on your home and continue to make payments on it until the balance is paid in full. Full details are provided in the plain English Purchase Agreement.



I offer to take over the payments on your home and continue to make payments on it until the balance is paid in full. Full details are provided in the plain English Purchase Agreement.


Questions and Answers


“Why not replace the mortgage, why take over the current one?”


  • Besides saving thousands in costs, using existing financing allows us to help homeowners like yourself whom we normally wouldn’t be able to help due to lending limits


“Can I buy another house anytime soon?”


  • While I will be paying off any missed payments and late fees, avoiding further damaged credit and foreclosure, there are still some things we need to do to set you up for your next house.
  • Your credit will still need time to heal from any late payments you might have missed. 
  • Two mortgages in your name would also require a high income to satisfy lender “‘debt to income”’ requirements for issuing a new loan
  • One possible remedy is to show the next lender, that this house is an investment property. Since investment properties make money on their own, lenders will often exclude them from their lending calculations
  • If/when you are ready to buy in the future, reach out to me (Sean). I will coordinate with you on helping to show the lender the payment history, to demonstrate the investment nature of the property


“How do I know you’ll continue to pay?”


  • In the terms outlined in the Purchase Offer, I will pay a $500 penalty payment on the very first default as a guarantee against falling behind.
  • As a 2nd line of protection, if payments stop for 3 months, ownership of the property will revert back to you (in other words, I lose the house).


“What if the lender calls the loan due?”


  • I’ll buy the house cash at that point. Which means your mortgage would also get paid off
  • This is a rare occurrence though. Lenders focus on delinquent loans, not ones brought current and receiving steady payments


“I’m still not sure”


  • Evaluate the offer from all sides. Are you protected in case of non-payment? Does it interfere with your house buying plans? 
  • I am not the answer for everyone. For example, someone who needs to buy another house within a year would not fit well with my services.
  • But for people ready to hand over their property to an investor who’ll manage it well, so they can move on, saving their credit and setting up for the next home purchase in a few years, I am often a good fit.




This agreement is by andentered into between ____________________________ (Buyer) and _______________ (Seller) collectively referred to herein as “the Parties”.

for the sale of property located at ___________________________________________________ (“Property”).


The property will be conveyed (transferred of title) by General Warranty Deed. 


WHEREAS, the Seller owns the Property defined herein and desires to sell the same to the Buyer under the terms and conditions as set forth herein; and


WHEREAS, the Buyer desires to purchase the Property defined herein from the Buyer under the terms and conditions set forth herein.


NOW THEREFORE, for and in consideration of the covenants and obligations set forth in this Agreement and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree a follows:


Purchase Price: ____________________________



In accordance with the terms and conditions of this Agreement, the Seller hereby agrees to sell and convey to the Buyer the property described below: 


[Enter Description and Location of the Property]


The property will be conveyed (transferred of title) by General Warranty Deed. 


Purchase Price.

The Seller agrees to sell the Property and the Buyer Agrees to buy the same for the price of $_____________________ (“Purchase Price”) and in accordance with this Agreement and the terms and conditions set forth herein.




  1. Buyer agrees to take over payments on Seller’s mortgage. Buyer will honor payment schedule and promises to pay each mortgage payment in full by the payment due date. Buyer intends to setup automatic payments to Seller’s lender to ensure consistent, uninterrupted payments.
  2. Buyer agrees to bring the mortgage balance current by paying any and all back payments and late fees on the mortgage within 10 business days of closing.
  3. Seller will grant to Buyer a limited power of attorney to deal with the lenders and insurance providers related to this property before closing. This information will be used to verify all financial information shown on Seller’s mortgage statement.
  4. As a warranty against default, if Buyer defaults on a single payment, a penalty payment of $500 is due to Seller within 60 days of default.
  5. As an additional warranty against extreme default, if Buyer defaults on three consecutive payments, the Buyer’s interest in the property becomes null and void. Seller is entitled to repossess the property.
  6. Buyer will pay all closing costs that are not prorated as outlined in this agreement. 
  7. Buyer has an option of choosing the Sellet Financing attached as Exhibit A. 


Consideration. Buyer shall submit an earnest money deposit of $100 to be held in escrow until closing date. In the event of cancellation by either party, deposit will be refunded to Buyer.


Insurance. Seller will add Buyer to Seller’s homeowner policy as an additional insured. Seller to convert the policy to non-owner occupied. Both changes shall be made prior to closing.


Other payment terms:


Disclosures. The Parties herein acknowledge that:


  1. There are no attached addendums or disclosures to this Agreement
  2. The following addendums or disclosures are attached to this Agreement:
  1. Lead-Based Paint Disclosure Form 
  2. Methamphetamine Disclosure 
  3. Disclosure and Notice on Sex Offenders


Due on Sale Clause. In the event the lender calls the loan due, Buyer shall pay off the loan balance in full using cash reserves held by Buyer or his cash partners.


Property Condition. Property is sold in “As Is” condition. Buyer is entitled to inspect the property in detail until he is satisfied with the cost of repairs. If Buyer deems repair costs too high or above what was discussed prior to inspection, Buyer may terminate this agreement and receive back his earnest money deposit within 7 days of notice of termination to Seller.


Utilities. All utilities are to remain turned on to prevent Buyer having to pay extra fees to re-enable utilities.


Prorations: All taxes, rentals, condominium or association fees, prepaid insurance premiums (if assumed), monthly mortgage insurance premiums, and interest on loans will be prorated as of the date of closing.


Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, prior to closing, of any defects that make the title unmarketable. Seller will cure the defects at Seller’s expense. If Seller is unable to cure the defects, Seller will deliver written notice to Buyer. Buyer can either cancel this Agreement, or accept title with existing defects and close the transaction.



The Buyer and Seller agree that the “Closing Date” shall be on [ENTER DATE]. Any extension or modification on the Closing Date shall not be effective unless expressly agreed to by both Parties in writing. The Parties agree to deliver to the other Party all notices, certificates, releases and other documents necessary for the recording of the sale and/or transfer to the Property or title to the Seller on or before the Closing date.


The Buyer shall be responsible for all closing costs other than those referenced herein as being the responsibility of the Seller. Further, in the event that the Buyer is not able to sell or close the sale on the property within the time allowed, this Agreement shall automatically terminated and all funds paid by the Buyer shall be returned to the Buyer after deducting all reasonable costs incurred by the Seller in good faith in relation this Agreement


Occupancy. Buyer to receive Occupancy of Property at closing.


Personal property. The following list of personal property is not included in this transaction and will remain the property of Seller.


Seller will remove all personal listed above prior to closing. Seller will also hand over all keys, access codes, and remote openers to Buyer.


Attorney’s Fees. In connection with any litigation arising out of this Agreement, the prevailing party will bhe entitled to recover all costs including a reasonable attorney’s fee


Acceptance Timeframe. This offer is good for 2 days after the date signed by the Buyer. If not accepted by all Sellers by 9pm on that date, this offer becomes null and void.


Notices. Any notice which either party may or is required to give may be given by mailing the same, postage prepaid to either party or at such other places as may be designated by the parties from time to time.


Severability. Should any provision of this Agreement be found, for whatever reason, invalid or unenforceable, such nullity or unenforceability shall be limited to those provisions. All other provisions herein not affected by such nullity or dependent on such invalid or unenforceable provisions shall remain valid and binding and shall be enforceable to the full extent allowed by law.


Binding Effect. The terms, obligations, conditions and covenants of this Agreement shall be binding on Buyer, the Seller, their heirs, legal representatives and successors in interest and shall inure to the benefit of the same.


Entire agreement. This Agreement and, if any, attached documents are the complete agreement between the Seller and the Buyer concerning the subject matter hereof. There are no oral agreements, understandings, promises, or representations between the Parties affecting this subject matter of this Agreement. All prior negotiations and understandings, if any, between the Parties hereto with respect to the subject matter hereof shall be of no force or effect and shall not be used to interpret this Agreement. No modification or alteration to the terms or conditions of this Agreement shall be binding unless expressly agreed to by the Seller and the Buyer in a written instrument signed by both Parties.


Applicable Law. This Agreement shall be governed, interpreted, and construed in accordance with the laws of the State of Ohio, U.S.A. 


IN WITNESS WHEREOF, the Parties hereto, individually or by their duly authorized representatives, have executed this Agreement as of the Acceptance Date. 


Buyer (Print Name) Date of Offer Buyer Signature


Seller (Print Name) Date of Acceptance Seller Signature


Additional Seller (Print Name) Date of Acceptance Seller Signature




Seller agrees to provide financing to the Buyer under the following terms and conditions:


  1. Loan Amount: $______________________


  1. Down Payment: $______________________


  1. Interest Rate (per annum): ____%


  1. Term: ______


  1. Documents: The Buyer shall be required to produce documentation, as required by the Seller, verifying the Buyer’s ability to purchase according to the Purchase Price and the terms of the Seller Financing. Therefore, such Seller Financing is contingent upon the Seller’s approval of the requested documentation to be provided on or before [ENTER DATE]. The Seller shall have until [ENTER DATE] to approve the Buyer’s documentation. In the event the Buyer fails to obtain Seller’s approval, this Agreement shall be terminated. 
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