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Updated over 8 years ago,

User Stats

10
Posts
4
Votes
Blake Dowe
  • Kennebunk, ME
4
Votes |
10
Posts

Newbie trying to get seller financed property (mortgage question)

Blake Dowe
  • Kennebunk, ME
Posted

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!

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