Updated almost 7 years ago on . Most recent reply
What interest rate for this land contract?
I am selling a SFH on 15% down land contract carried for 2.5 years with a starting balance of ~$34K, 15-year amortization with balloon. This is my first land contract. I'll have an attorney guide me through the first time. One thing that the buyer and I didn't touch on: What interest rate? Oops!!
What’s a fair and reasonable interest rate for those terms? The house will be owner-occupied initially, if that changes anything. I know the answer is “whatever you can agree to” but I was hoping to get a range. As of now it’s assumed to be 0% since it was never discussed in our face to face meeting. Or is it normally 0%?