Updated about 5 years ago on . Most recent reply
Seller Financing - What am I missing?
Going into my first meeting to pitch the seller on the idea seller financing to give them the option to collect more cash. I do not want to disclose this is my first think so let me know if I am missing any details.
Scenario $87,500 sale price, offer 10% down and 12% interest. So they get a check for $8,750 at closing and monthly interest payment of $787.50 ($87,500-$8,750=$78,750 loan)
We sign a purchase agreement stating a seller financing option and take to a title company to complete the necessary paperwork to transfer the deed. At the point of resale or refinance his loan will be paid in full.
What other items should I be considering to explain the this option?