Owner agreed to seller financing, owes on home

[Timothy Albright]

Good morning all,

I have a potential deal. Home plus 10 arches total deal is $450,000.00. I’ll be using this as my primary residence. A few years ago the owner borrowed against the property and currently owes around $100,000. Owner is open to any type of creative financing, but sees the current balance as an obstacle. I’m currently informing myself on subject to’s. My question is what are my options? I’m thinking about interest only with a ballon in 10 years, I still need to know how to get past the current balance.

Thank you for your time in advance. 

[Jay Hinrichs]

use your 100k downpayment to clear the sellers note.. seller takes back a first deed of trust or mortgage and you and seller negotiate terms.. simple as that.