Seller Financing without a clear title

[Randy L. Kizzia]

I am making an offer on a four-plex in a nice area. The offer is for $300,000 with a 4-5% interest rate yet to be finalized. The seller still owes $93,000 on the property. I am willing to make a down payment of $40,000. How do we structure the note or notes with this mortgage balance issue?

[Joshua Gorsky]

@Ryan Talmadge

I agree, an attorney should be consulted before moving forward with this one.

There may be a creative solution here, but you’ll need to navigate a lot of potential pitfalls along the way.

Where is the property located?