Can I get Seller Financing when seller has a mortgage

[Zackary C Dunn]

Hey everyone, I’m a newb so don’t roast me to bad for a stupid question. I have an off market opportunity that I had the seller on the hook at 57,000 if he finances for 18 months with a balloon payment and zero interest. Come to find out he has a mortgage balance of 57,000. I offered to do a lease with option to purchase but he was against it because as he says there is nothing locking me into purchase other than my deposit. Any ideas would be much appreciated.

[Ron S.]

Originally posted by @Zackary C Dunn:

Hey everyone, I’m a newb so don’t roast me to bad for a stupid question. I have an off market opportunity that I had the seller on the hook at 57,000 if he finances for 18 months with a balloon payment and zero interest. Come to find out he has a mortgage balance of 57,000. I offered to do a lease with option to purchase but he was against it because as he says there is nothing locking me into purchase other than my deposit. Any ideas would be much appreciated.

 You can do a lease option. Increase your deposit to entice the seller? Your terms are only attractive to you. I don't blame him for balking. I'm assuming you can't go out and get traditional financing? If you can't, what's going to happen in 18 months that can't happen today? You getting an inheritance and are gonna pay it off in full?