The seller benefits from the spread between the interest rates of the old and new loans.Agreement: Ensure a clear agreement on who will be responsible for the existing mortgage payments and how any arrears or defaults will be handled.Seller Second Mortgage:Structure: The buyer gets a new first mortgage to pay off the existing loan and a second mortgage held by the seller for the remaining balance.Consideration: This may require refinancing the existing loan, which can be costly and may change the loan terms.I hope this helped.

The city wants to set up a time to inform me about the project.

@Trey Onufrii It's tough to say which one is the better investment without more details, like - cost of each parcel(s), are there utilities close by (especially the Jomax site), what's the terrain like on the hilltops? 

You also won’t have to worry about any fees or closing costs.

Do you know what the reno should really cost, not just agreeing with the GC? 

Not a good idea for some of the same reasons-high costs of purchase combined with inexperience and renos gone bad/out of control. 

I don’t really have a setup.

I canceled our online subscription and bought one desktop version.I hate paying $650/year now for QB Desktop but it’s the lowest-cost solution to our problems.

Or what is the situation/current set up? 

Not sure, if this means hiring multiple people (one for appraisal, one for inspection, one for cost estimates)3.