Seller Financing Question

[Aaron Zucker]

Good Afternoon BP! My Name is Aaron, local realtor in New York. I’m looking to purchase my first property in Florida, seller financing. My question is as follows:

If I purchase this home with seller financing and the home needs a good amount of renovation, would the bank give me a loan for the construction costs? What is the best way to get this type of transaction done? Do I need to first find out if I’m taking over the mortgage? I’m not sure if perform seller financing on a property that I actually own it, I’m sure that’s a term that could be negotiated.

Apologies in advance for my lack of knowledge on the subject matter.