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Updated over 5 years ago,
What kind of loan do I need for this deal?
We have a family member with a cabin that's willing to quit claim the deed to us and use seller financing to pay off the property. She owes 70k on the property. We'd like to pay off what she owes and we'd need a loan for that. Then pay her directly in monthly payments until she's paid off.
My lender seems to be confused about this and hasn't given me a straight answer about how we're going to do this. Anyone have any ideas on what the best way to buy this property would be? Thanks!