It would be great if you could just make payments on the sellers' mortgage, but in the real world, it ain't going to happen. Most probably not, since your paperwork still will have to go through the underwriting department and formal approval, and the bank is obligated to give you the same basic rate of interest that they make available for similar customers with the same general creditworthiness. If the sellers give you a deed for the property in exchange for a cash payment, they will have violated the terms of the mortgage agreement contract with their bank. Before you go any further, talk to a few lenders. I suggest that you talk both to mortgage brokers and to mortgage bankers.
Brokers usually arrange loans from third-party sources.
Brokers can get loans from many different banks, whereas bankers usually only can lend money from their own institution. That's why almost all the loan applications out there are identical. Dear Lester, I heard that when we purchase a home, we can get a warranty for it. But when it comes to making what is often their family's most important purchase, they usually neglect to find out if they can get a warranty for their home. Home warranties are readily available, and the first place to find out about them is from your real estate agent.