Primary Home - Creative Financing

[Shravan Hemchand]

Hello Bigger Pockets Community,

I'm currently in the process of considering purchasing my first primary home and I'm exploring the option of creative financing. The seller seems motivated to sell, which has piqued my interest in exploring alternative financing options.

I'm seeking advice and insights from the experienced members of this community who have successfully utilized creative financing strategies in the past. I would greatly appreciate any tips, recommendations, or cautionary tales you can share based on your own experiences.

Specifically, I'm interested in learning about different creative financing methods, potential pitfalls to watch out for, and any legal or financial considerations that I should be aware of before proceeding. 

Details on the deal: 

- The seller has $288,000 left on the mortgage and has a 3.6 percent interest rate. 

Thank you in advance for your valuable insights and guidance.