How to structure seller financed deal? Owner has small 2nd mortgage

[Drew Brock]

Hi all,

I am looking at my first possible deal with a motivated seller that has relocated.  The seller said they would consider a seller financed deal.  The seller has not expressed an asking price and insisted on me making an offer first, sold in 2012 for $162,000.  Comps on the same street are around $155,000 as a conservative number.  The seller own 15K on a second mortgage.  I'm hesitate to make this deal because of the out standing mortgage and I don't have the cash to pay it in full.  Any ideas on how to structure this deal?  It is a 4BR 3.5bath; has basement finished with separate kitchen. 

Thanks for the help