Owner Financing
Hi guys,
I have a property I'm interested in and my realtor asked sellers if they would consider owner financing. They said yes, send us the details with offer. It would be for myself to move into. But since it needs work (I'm turning a ranch into a colonial) I don't want the stress of selling my house and renting another while under construction. Two kids under 4 and one on the way, you get it :)
House has been on the market for 120 days. Recently expired so they haven't had any luck. But it's in a top location with excellent school systems, etc.
I will have at least 150k in equity after completion. Question is how in the world do I present an offer like this? What is a fair rate, down payment, should I offer collateral from my other properties? They know I want to renovate and then refi. I was considering private funding but my offer would be at least 50k less. What's a fair deal? Should I ask them what they are looking for in terms of financing? They are retired and moving to Florida for the winters.
Thanks for any feed back