Seller financing with a mortgage

[Nicole Dechow]

We are speaking with a seller at that still owes $70000 on his property. We offered $100k cash and he is not interested. He said he would be interested in creative or seller financing.  Is there anyway to do this without fear of due on clause from bank?

Any ideas would be appreciated!!

Thank you!

[Dennis Alsteen]

@Nicole Dechow

So I recently bought a home with a mortgage using seller finance. The big issue is how to avoid due on sale clause. Here is what we did. In my scenario seller wanted what they owed which was 125k. Property is assessed at 156k. Bill and Debbie Smith are the sellers. Called my attorney and had him set up the smith family trust which is owned by my LLC. Had purchase contract written up and a couple other forms giving me authorization to talk to lender on the smith behalf etc. had closing with my title company (they did not call for a payoff but rather the see math to get approximate payoff) and we closed puttting property in the trust which I own and I took over payments. I love creative finance and getting deals done. I'm a licensed realtor in the Milwaukee market also. Good luck. The BEST advice is find out what the seller wants and why then try to find a solution. My sellers sale fell apart and they wanted to buy their dream home, didn't want to be landlords so this one worked this way. Ask a lot of questions and listen. Good luck!