A word of caution. Usually a seller who is offering 100% seller financing has some reason to unload the property. Be cautious of a note that wraps a Sr. note. Often the Sr. note holder will accelerate an underlying debt if they discover such financing.
Also, be aware that you may end up paying a nice chunk of interest every month for several months, only to find that you have bought a property that you can't make economic sense out of. The unscrupulous seller then will take the property back and start the cycle all over again. This type of transaction will then turn your “fair credit” into credit that may haunt you for some time thereafter.
These are just a couple of the caution signs if someone is going to let you into a property with "no skin in the game".
Rob Baird (CA RE License #544165 - One of the oldest active licenses in CA)
Jul 12, 2010