Seller Financing Requests
Thank you in advance for sharing your expertise.
I'd like to buy a residential home for myself but I'd like to see if I could get owner financed, either whole or partial. I am thinking to provide two offers, one with jumbo loan and another with owner financing. I figure that if the owner has a current mortgage that perhaps I could offer to get a mortgage for payoff of their mortgage and then owner finance the remainder? Is that possible?
Also, I am wondering if offering a 4% fixed 30 year for owner financing with 10% down is reasonable or laughable? The current owner is recently widowed and ~70+ yrs. old. Since current 30 year bonds are only providing 3%, I would like to know if this type of offer makes sense or is way off.
What would you do? Is there more information I could provide?
Also, part of the reason for doing this is to keep some of our down payment and mortgage costs/options available to purchase small multi-family. Balancing wife's nesting needs with my long term goals of real estate investing.
Thanks!
Noel the Newbie :)