Take over a mortgage? Let's get creative!

[David Pendergraft]

BP,

We have our eyes on a Seattle multi family property. We know the seller is motivated and in our one conversation with the seller's agent, although they were hesitant with the details, we know there is a mortgage and there may be some consideration of taking over the mortgage.... though we know such a thing would have to be agreed to by the mortgage company and we would have to be approved. They said they are probably not interested in holding a note, they want cash to buy another property elsewhere. Is such an approval by the mortgage company any different then if we were to go apply for a loan on our own. Is there any benefit to keeping the existing mortgage in place?

We can put together a 25% down payment for a traditional loan, but we would prefer not to. And, because my wife has made the leap to self employment in real estate she doesn't have a W2, nor two years of tax returns, to verify income, and therefore we can't qualify for conventional lending.

Our agent is somewhat hesitant to present any offer that is "creative" as he doesn't believe it is going to work. I understand, but I am frustrated by this because I want my agent to call the sellers agent and find out if there are ways the seller might help finance.

BP - Before I direct my agent to go to the table and figure out a solution that works for everyone, what strategies, if any, can I arm him with? Master lease, lease option, other? How do you convince a seller to carry a note, help with financing?

Thanks,

David