Posted by Lori Samson on June 05, 2000 at 01:35:29:
You can do it both ways. If you can get the seller to define how much cash (if any) he wants, you can then write it up as paying off the existing first mortgage and seller to recieve $------- cash at closing. That way you can recieve that little bit the mortgage may pay down. Most sellers have a number that they want and if you can assure them that’s what they will get they don’t care what you write.
The other way is to write the sales price that you agree upon less any rent credit and option fee you will have paid in.