Best strategy – wrap or bank finance?

Hi all,

I'm just wanting some input on which would be the best strategy to take with regards to purchasing the home that we're currently living in. We're renting at the moment paying $470 per week. We can afford to pay up to around $600 per week. The home is worth somewhere between $500 and $700k – very vague I know but it's quite a subjective property!

I know the owner personally and I know that he purchased it for around $150,000 some years ago so a very large possibility that he owns it outright. How he purchased it for that amount I don't know – maybe a family deal or something?

So the options would be to approach the banks for finance or ask the owner if he'd consider vendor financing. The latter works best for me as my wife and I are both self employed and we just wouldn't get the approval through the banks. Any input on this?

Finally with vendor financing, how is this set up? Are there banking institutions that manage wrap loans?

Any help would be appreciated