Owner financing owns property outright...

My wife and I are looking to buy our home, which our investment partner paid CASH for in 2006. Since there are no encumbrances and he owns the property outright, can’t we skip to a simpler transaction than a “wrap around”?

We want the simplest transaction possible. We are offering 10% down, 7% on a 30 year fixed with a balloon note at 5 years. I’m interested in getting this done “clean and quick” as they say in Texas. Any recommendations?

Since your investment partner owns the home free and clear then a wrap mortgage isn’t even a consideration. You give him a note with terms and a down payment and he gives you a warranty deed on the house…done. Of course use a title company to confirm all the details and provide title insurance.

There’s nothing there to wrap and you don’t get the deed until you refi.herbster