Term suggestions for a small office deal. Seller carry.
Hey there,
I ran across a small office, 1,000sqft about to go on the market that I would like to take a stab at. I contacted the seller and asked if they would consider financing the deal. They are open to it but wanted to know what kind of terms I was thinking about. Ideally I would like to get the place for 20% below where she wants to list. I think this is possible because she instantly mentioned that she would take less when she first disclosed the price and the unit needs updating since the previous occupant was in it since the 90s and the one before that, the 80s and neither stepped away from their desks long enough to look around.
My expertise is residential real estate so any suggestions is appreciated.
Term? 20yrs?
Balloon?
Rate? Great rate? OK rate?
Down? I want to start at 5% or less but understand that 20% is typical.
Thanks,
Jeff.