Need help from the community about seller financing deal please

Engineer · Douglasville, GA · Member since 2016 · 90 posts · 31 votes

Hi Community, i am planing to buy a Duplex in Atlanta,GA with seller financing. Here is the number: The Duplex is worth $175k, i am buying it for $170k,it has about $60k mortgage. i am putting $10k down. What is the best course of action on this case i mean subject to, land trust, wrap around mortgage or any creative idea guys ? what is the best option and paperwork i need so everything is complaint with the law in Georgia and seller does not get in trouble with the bank. i know about "the due on sale" clause . Any help is appreciated . i am a new investor

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Mark Gallagher
Flipper/Rehabber · Allentown, PA · Member since 2011 · 1k+ posts · 701 votes
9y
@Tan Mehedi
First and foremost it sounds like you're paying too much for the property.
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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
9y
If you know about the due on sale clause, then you know that the sale will be a violation of the terms of the mortgage or deed of trust. You can utilize a wrap or an "subject to" with a second lien. That is up to you and the seller, and much depends on interest rate, term, and if the seller intends to hold the note or attempt to sell the note.
You will often pay "full price" with these low down, owner finance deals.
Private Mortgage Financing Partners, LLC
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Tan Mehedi
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Engineer · Douglasville, GA · Member since 2016 · 90 posts · 31 votes
9y
Thank you Don.
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