I made an offer on a multi, which included 93% seller financing. I offered full asking price ($400,000). COC = 17.2%. Seller countered saying he will finance 50% (COC = 7%). This all done without ever meeting face to face. I'm very excited because that alone is a heck of a feat. Here is the problem: I don't know where to even begin countering.
If I was going to put down $200K, I'd put it down on an $700-$800K deal, which would be almost double the units, with a commercial loan.
I'm not sure yet, the seller's motivation for the 50% down counter, probably just a trust thing....I will try to find out. Any ideas on where to go from here?
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
I think he made you a very fair offer, not knowing the area or property. Your original offer was asking for more than a bank would give you, which with owner financing almost never happens. You can counter whatever you want, but you have a pretty decent bird in the hand in my opinion