Creative financing advice

[Troy Bullock]

Hello all, what is the best option for taking over a mortgage for someone. I have a family member that has fallen on hard times and needs to get out of their home asap. I don't have the capital for the down payment. I know there is way to assume someone's mortgage but I'm fairly new to this and open to suggestions. 

Thanks

[Jaron Walling]

@Troy Bullock What you're describing is a sub 2 deal where the seller becomes the lender. Imagine you're a lender and a buyer approaches you with zero dollars for a down payment. Would you lend to them? No offense but I probably wouldn't. 

Consider the pros and cons of mixing family with RE with no skin in the game. It's probably not a wise idea. If the family member is sitting on equity (most homeowners are) it's probably in there best interest to list on the MLS. The only benefits of a sub 2 deal is convenience, you don't have to show the property, and if it's distressed it's basically sold "as-is". They either can't sell at the price they want, or they need to sell sooner rather than later. If the property has problems or the family needs those solutions maybe a sub 2 deal works. There's a time and place to use it. Make sure it's the right opportunity.