The owner of the house that I want to buy has equity in the house. He is willing to be tied to the house for a couple years and set up owner financing until I can refinance at that time. The only problem is he has a mortgage on the house. Is this possible? How can I do it? Is there any creative ways to form a contact to facilitate this??
Speak with a real estate attorney before you even think about doing this. There are ways to create a contract that would apply, but there are loads of issues and risks. The attorneys job is to try to mitigate those risks. This is entirely too complicated for you to do this and this is beyond the scope of what any broker can or should even try to do.
Hire a real estate attorney.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
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