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Updated over 8 years ago,
Newbie trying to get seller financed property (mortgage question)
Hi everyone!
I'm a new investor in the Southern Maine area and am looking at a property with hopes of getting it through seller financing.
On the tax sheet it says the property was sold to the current owner in 1981 for $0.00
Is the $0.00 a misprint? or does this represent that the current owner has no mortgage?
Either way I would assume that the owner does not have a mortgage because the property was purchased more than 30 years ago. I'm having trouble finding out a concrete answer on whether or not they have a mortgage and am wondering if anyone has any tips.
My backup plan is to finance the property through an FHA loan if I find that they do have a mortgage.
The property is 3-unit residential and I will follow up with my analysis if anyone would like to tell me their thoughts on that.
Thanks!