When I assumed my place, the advantage that the seller received was that they didn't have to pay a a penalty to the bank for ending the mortgage early. IIRC that saved them a couple of thousand dollars.
The other advantage to the seller is that if I default, and they end up having to make one payment, then they re-gain entire possesion of the house. Which means me as the buyer can kiss my deposit goodbye. With my place it was over $20K. So basically if he was exposed to the risk, he would gain $20,000 for his trouble.
This was all helpful for them as they were a couple going through a divorce, so it wasn't like they were going to be going out and buying another place right away.
And as mentioned it does open you up to more buyers. Especially investment types of people; because if I want to buy your house and use it as a revenue property, I can have as many mortgages as I want because I didn't have to qualify. A guy I used to work with did that all the time. I say used to work with because he retired a few months ago; at age 40.
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