Kennebunk, ME · Member since 2016 · 10 posts · 4 votes
Hi everyone!
I'm a new investor in the Southern Maine area and am looking at a property with hopes of getting it through seller financing.
On the tax sheet it says the property was sold to the current owner in 1981 for $0.00
Is the $0.00 a misprint? or does this represent that the current owner has no mortgage?
Either way I would assume that the owner does not have a mortgage because the property was purchased more than 30 years ago. I'm having trouble finding out a concrete answer on whether or not they have a mortgage and am wondering if anyone has any tips.
My backup plan is to finance the property through an FHA loan if I find that they do have a mortgage.
The property is 3-unit residential and I will follow up with my analysis if anyone would like to tell me their thoughts on that.
I would not assume anything about wether there is or is not a mortgage. I would also not concern yourself with what their current situation is or is not. What matters to you is the deal that you will need in order for the investment to make sense. I have found that the best way to get deals done is to start the conversation. After working with the seller you will learn what they can and can't do. You will also learn what they are or are not willing to do.
Most important of all is if this deal isn't right then keep looking until you find one that is.
I do lots of Owner financing, there is also lots of private money out there as well as subject to if they do presently have a mortgage. If traditional is what you want then I eould say go for it. ONLY IF THE DEAL MAKES SENSE! Numbers always have to work or it isn't a deal