Owner Finance deal- has 2 mortgages, Agreement for Deed …Can I even buy this thing?
Found an Ownder Finance deal but found out it has an Agreement for Deed with 2 mortgages due on Nov 15th 2016:
$18,500 mortgage due to an individual
$34,450 mortgage due to an LLC
Paid $55K with $5 down and paying $700/month with $200 applying to principal and $500 in interest. Bought Nov 2011
All this info is in the Agreement for Deed, which is an intresting read I must say.
Can I buy this with owner financing today without the other 2 mortgages being paid off? If we do come to some agreement on the price and payments but she for some reason can't pay off the 2 mortgages in 2016 what will happen? (foreclosure on both of us?) Are there other concerns I need to be aware of?