Why should a Seller offer their mortgage for assumption?

Assuming a lower interest loan for less than a traditional 30 year term may attracts more Buyers.  This may mean competing Buyers may offer a higher offer price. Wouldn't it be amazing to make extra when selling just because you were smart enough to lock in that lower interest rate? Offering a lower, locked-in rate can make a home more attractive to a wider pool of buyers in a high-interest-rate environment.

Higher sale price: A Seller may be able to negotiate a higher sale price because the Buyer saves money on interest over the life of the loan.

Reduced closing costs: The overall closing costs associated with a loan assumption are often much lower than those for a new mortgage. 

Do I need to pay off my mortgage before selling?

Sellers to NOT need to pay off their mortage - the Buyer assumes your loan and the lender approves the assumption - that means they take over your loan – you must be current on a VA guaranteed loan at the time of assumption. Sellers should always request a release of liability from the lender.

Is the Seller Released of Liability: Yes, the Seller is no longer on the loan and no longer the owner in title. The Seller should always request a release of liability from the lender once assumption is approved and recorded.