Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

16
Posts
0
Votes
Stefan Hirniak
0
Votes |
16
Posts

Seller financing with a mortgage on the property

Stefan Hirniak
Posted

Hi BP,

Hope everyone is doing really well.  I have an opportunity to buy an off market deal in Spring, right outside of Houston.

I have a few  rental properties in Houston and looking to grow the portfolio but don’t have the down payment for this one right at the moment.

The seller mentioned he would be willing to a seller finance but when I spoke to my mortgage guy about this and mentioned the seller still had a mortgage he STRONGLY recommend I avoid.

Wondering if there are any creative ways  to do a seller finance with a title transfer or something that could trigger the do on sale or worse mortgage fraud.

Thanks for the help!

Most Popular Reply

User Stats

2,861
Posts
2,494
Votes
Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
2,494
Votes |
2,861
Posts
Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
Replied

Think about this for a second. Your loan officer is NOT going to get his commission if you do seller financing. Do you think he is going to recommend you do seller financing??? 

If you go to a new car dealer, they want to sell you a new car, if you say you want a used one, they will tell you a million reasons why you should NOT go used. 

Wrap around mortgage is legal.

Loading replies...