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Hello All:

I have a question about how to structure a deal, if it is possible at all.


I am the buyer.

The seller and I have an AOS for $300k.

The seller has an existing mortgage on the property with a balance of $60,000. This mortgage is in first position.

I am financing the purchase and was approved and ready to close with 25% down @ $300k.

The appraisal came in at $270k.

The seller did not want to lower the price.

I offered to close by financing the $270k and the seller extending me a note for the $30k shortfall.

The seller would like to walk away with more at the closing table.

I would like to offer to assume their mortgage/take subject to it.


Since both lenders would want to be in first position, I don’t see how it would be possible to leave the original in place under the scenario.

Does anyone have any thoughts on how to structure this, if at all?

Thank you,