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Pros and Cons of an Assumable Mortgage? Can you do an Assumable Mortgage with a Conventional Loan?

I just have a lot of questions about it as I thought it was an interesting topic and possibly want to consider. I'm not in the process of purchasing a home for a few years, but some relatives (both the seller and buyer are related) of mine seem to be in the process of doing this between themselves. However, from my understanding, the relative selling has a conventional loan. I was reading up on assumable mortgages and it seems it's generally only possible with FHA, VA and USDA loans.

Questions:
- What situation(s) would one able to able assume a conventional loan?
- What are the pros and cons of an assumable mortgage for both the seller and the buyer?
- If an assumable mortgage is possible and goes through, is the seller ever liable for any payments in the future if the buyer defaults on their payments?
- How complicated is the process to assume a mortgage?
- I read that an appraisal is not required for assumable mortgages. What does this mean for both the seller / buyer? Does this mean that the seller may sell their home at a lower value than it may be currently?
- Are assumable mortgages private sales? Do you need a realtor to walk you through the process or does the seller and buyer work with the seller's bank who gave the mortgage?
- Any other information niche about assumable mortgages would be cool to know!

Thanks in advance! :)

submitted by /u/SnooPoems8286
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source https://www.reddit.com/r/RealEstate/comments/1afcjhe/pros_and_cons_of_an_assumable_mortgage_can_you_do/
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