Conventional Mortgage Question
Question: My situation – $170,000 asking price for a 5 unit that is valued at $190,000 (both net income valuation and market sales analysis). Seller wants ~$30,000 at close to buy a residence (currently lives in one unit of property), and will take the remaining $140,000 in a note.
My thought is to go to close with the following:
Obtain conventional mortgage for $30,000 and have the seller take back a mortgage for $140,000.
My dilemma is that I question how many lenders are willing to take a second without me having any track record in the property. Have any of you heard of this before? I am trying to create a nothing down deal, but wanted some opinions as to whether or not I am just wasting time.
Any info is much appreciated
Answer: Have you given him some deposit money so he’ll “hold” the deal til you decide, if he is not obligated to you, he might sell it to someone else.
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