Do you actually know the seller’s current interest rate on the 1st mortgage that you are interested in assuming?

I finally found one where I've made an offer and the seller accepted (a few days ago) I just want to double check that you guys think this will have positive cash flow.

You need to clarify.....first you said that you seller financed....now you say “the bank is foreclosing” ?????

I'm getting into a seller financing deal with a lady in Ohio.

Either the seller needs to pay the lien at settlement (if there is a lender involved... see below) or the buyer needs to factor in taking care of the lien immediately.

Keep in mind, if you are asking the seller too much on the offer, he may also feel like you are making it hard for him to sell you the property, or may choose another offer with better terms.

Typically I’ve read that you’ll want a seller to hold at least 30% equity in the home for a seller financed deal.

I had the sellers out of state under contract using emails.

@Andrew Postell We pondered the idea of the 203k however with it being a such a competitive deal, in our scorching hot sellers market (1.5 months of inventory) they probably would have went with one of the other offers with a quicker close date as the sellers had another home UAG.

Doing it this way may not be monetarily the best way to do it but it works better because you get a psychological reward of paying something off and it will then give you motivation to pay off the next.