How to do a seller deal

[John T.]

Hi everyone, 

I need advice about a possible deal that I  have.

A friend of mine have one condo fully paid, and another one with a mortgage. He wants to sell the first one, and pay off the second mortgage with the proceeds. For that he needs about 45k. He is ok with financing the rest, but he really wants to cancel out the other mortgage with that 45k cash. The condo we think it might be around 115k, but we agree we need to do an appraisal to really see the real value of it.

I would like to buy this condo, and I was thinking in propose him a seller deal. However, I never made this type of deals, and I honestly have no idea how to structure this. I do not have those 45K either, but I could put about 20k down payment to him right now.

I would like to get some advice about how to structure this deal with him, so we do not need to involve banks or realtors. Please any real experience will be very much appreciate it.

Thank you sooooo much in advance,