Seller offered to be the bank

[Ryan Gartley]

8 unit multi family Asking price $675,000 for over two years. Way over priced for this area. Went off market. Contacted seller and put offer in at $460,000. Seller asked if I would up my offer or seller finance at that asking price. They said still owe $300,000 and can’t get a second mortgage. I’m not familiar with seller financing but trying to figure out how this could work for the both of us. I would think we can’t do a wrap around mortgage because the due on sale clause could cause lump payment. Is there a possibility to get traditional mortgage to pay the $300,000 they still owe and then seller finance the remaining $160,000. Any advice would be greatly appreciated. Thank you. 

-Ryan