Seller Carried Financing Question

[Robert McEachern]

Hello All:

My wife's aunt was over for dinner last night and she (knowing that I'm a real estate broker) asked me if I would be willing to sell her 4-plex that she owns here in Portland, Oregon.  After a short discussion, I asked her if she would sell it to me to which she responded "that'd be great!"

We are going to get an appraisal to determine the value.  Once we have that number, I need to figure out how I'm going to purchase this thing.  I assume the appraised value will be between $500K-$550K and I don't have 25% of that in cash.  She has $260K in bank financing. 

My question is, can I get a seller carried note in this situation with the bank debt in place?  Are there any other forms of creative financing that I should pursue?

I appreciate your help!

Rob