Seller financing - nuts and bolts please
Hi,
I would like to know how a seller-financing deal works. I will for the sake of the matter indicate what I understand by using a fictious scenario.
Property A : Purchase price : $75 000
Can I offer the seller the down payment and the Stream of payments (promissory note) for say 15 years and have that all setup with a real estate lawyer etc? Would this allow me to bypass the banks or conventional lenders?
What happens if the seller still has a mortgage on the property?
In other words, is seller financing only feasible if the seller has a clear title on the home?
Any help with this matter would be greatly appreciated.
Jamie