In the current market conditions financing homes has become more creative. If the owner/seller has a mortgage on the property you will want to seek legal advice before entering into this type of scenario because it can be a case of mortgage fraud and if the bank calls the note and you or the seller do not have the funds to pay off the remaining balance on the mortgage than the bank collects the collateral which would be the home. If the owner owns the property free and clear it is another story but, you can count on paying more than market value for the home in most cases.
Realtor, GRI, CSSN
John Hall & Associates