All Forum Posts by: Philip Fraccalvieri

Hi Willie, So I put an offer in for the house at 50k below asking price....House needed major updates. They had multiple offers which all fell thru because the house was back on the market a few weeks later @ 50k above the original asking price!! Needles to say I moved on and I'm still looking for a duplex or triplex, which is extremely hard to find in my neck of the woods. 

Yes, Thank-You both for shedding some light on this. Much appreciated. 

I didn't ask the seller until I confirmed it could be done. My intention is to use that money for upgrades to the property. 

I'm curious if it is possible for the seller to finance my downpayment. I'm looking to purchase a duplex in Long Island, NY. A down payment of 20% would be $70,000 for the property. I currently have $100,000 in cash but I don't want to tie that up. Has anyone done this type of deal and is it even possible to do since I want to get a conventional mortgage on the property and I'm not sure if the mortgage company would even allow this.

If this can't be done what other creative financing options can I explore?

Any feedback would be greatly appreciated.