It can be done with owner financing, but these deals are hard to find, especially since you have no experience. But I recently assisted in such a deal where the property needed updating, the owner had no cash and could not, for a variety of reasons, manage the property. He was prepared to give the buyer 100% owner financing.
Also, am currently involved in multi-million dollar transaction where the buyer is requesting bank to take over note of seller who is in default - it will be a short sale. The appeal to bank is that it exchanges a very poor risk owner/seller with a highly qualified good risk buyer.
Ask your realtor how to do a "subject to" deal.
Sep 7, 2010