Partial Sellers Financing

[Kyler J Sloan]

My neighbor wants to sell his place for 650 K and I qualify for 500 K. 

He has a mortgage on it for less than 300 K. 

Could I not get a mortgage for 500K and he carry the remaining 150 K?

I understand that the lender will not want a second lien at the time of closing, but could we not hire an attorney to setup all the documents to record the second lien after closing? 

Has anyone else done something like this? 

Thanks