Assumable Mortgages and how to do them

I have an outstanding mortgage which I was told would be able to be assumed by a qualified buyer who would skip the other formalities and go right to having me sign over the responsibility to them in exchange for my home. I should add the house was purchased from a single life long owner who took meticulous care of the home as did I for the last 7 years. I have upgraded and replaced many of the... [more]

I have an outstanding mortgage which I was told would be able to be assumed by a qualified buyer who would skip the other formalities and go right to having me sign over the responsibility to them in exchange for my home. I should add the house was purchased from a single life long owner who took meticulous care of the home as did I for the last 7 years. I have upgraded and replaced many of the homes systems....sump pump with a new one in addition to an emergency water pressure one, new circuit board with new wiring throughout. All new appliances, etc. In other words, the new buyer will be getting a fantastic home at the cost of what is left on my mortgage. The mortgage was an FHA backed mortgage and I refinanced a yr and a half ago to take advantage of the lower interest rates which are transferrable to the new buyer. The house has been recently inspected with no issues whatsoever (the inspection was performed by one of the toughest inspectors who is nicknamed the deal breaker as he finds any and ALL issues during his inspections. He was also the inspector I used when I first found this great unit 8 years ago and who told me at that point that I would be an absolute fool to walk away from this place as it was gorgeous and was solidly constructed using quality materials and worksmanship is like none he had seen in his 30 years of inspecting homes. Because of the glowing inspections and the top notch remodeling and upgrading, the appraiser(s) both increased the appraised amount by exactly 25% of the original purchase price. All involved said I would have no problem whatsoever getting what I wanted for it especially as I want only to have the mortgage taken on by a new buyer with no expectation of any profit for myself. From what I gather, the prospective buyer will not have to have a downpayment but would only have to be qualified by a lender for the deal to go through. Again, since I must leave this city due to work reassignment, I need to leave as soon as possible hence my need to go with the assumable mortgage route. I am seeking further information, basically what this will all entail and also the pros and cons of such a transaction. Since I would consider going the FSBO route no RE agents would be involved and each of us would only need the services of two qualified and knowledgable RE attorneys to assist with the needed forms and procedures. Are there any agents experienced in these types of transactions as no one I am trying to talk to here has either any idea or since they stand to make no cash with the deal, they are not offering what I need to know to proceed as soon as possible. Thanks in advance for any information shared as I am running out of resources in this search for info. Due to the economic mess of the RE market I would think these types of sales would be very popular especially with all of the foreclosures happening nationwide. Instead of having credit scores ruined for years why would people not take this route if it were available? I should add my credit is in the upper positive bracket and I have never once been late with any payments and have maintained the home with only the best materials and workmanship and it shows as it is the nicest house on the block and everyone who sees it is very impressed with how beautiful and flawless it all turned out. Thanks again!! [less]