Some buyers will offer a down payment to a seller and take over the existing loans, without formally assuming them. This often happens when a seller must sell or is in dire need of the money. But this is a very dangerous situation - proceed with caution. As a buyer in this situation, you may get a good deal, or you may have just bought yourself a bunch of trouble: additional liens against the property that you did not know about; the lender may ask you to pay off the loans immediately if they find out about the transfer; etc...