Updated over 11 years ago on . Most recent reply
selling financing.. looking for advice
I'm looking at buying a property listed at $59,900 in a neighboring state. The seller is willing to offer seller financing. After speaking with the owner's agent today she made it sound like the seller doesn't know much about the ins and out of seller financing.
On my drive home the seller's agent called saying that he wanted $30,000 as a down payment, 7% amortized over 20 years and a 5 year balloon. She expressed her dislike of the owner's demands and didn't think he was going to get what he was asking for.
The property is a 3BR, 2 Bath that was at one time a duplex but has now been converted back to a single family unit. Its about 1200 sq. feet and a decent neighborhood with a stagnant real estate market. Unit A was getting $400 and Unit B was getting $385 before the conversion. She believes it can get $750 as a single unit.
I'm thinking of countering with $10,000 down and 5% over 20 years and a 5 year balloon.
I also have to think about property management for the property.
Any thoughts ?
- Aaron Howell
