Seller financing for an 8 plex
I'm trying to negotiate on an 8 plex. Sellers have rejected previous offers below asking, so I offered asking price with seller to carry a note of 400k. The broker just emailed back and said that the sellers will want to be in first position, which means that no bank will ever loan on the deal. Is there any way to work around that, or are they just crazy?
Most Popular Reply
What's the selling price? There are many reasons for the owner not willing to take a 2nd position. Could be he is risk averse, could be price is too high, etc, etc.
I know some lenders will be willing to take 2nd position if they are adequate compensated for theirs risks. Ask around, if the numbers work out, lenders will fund this project.
Good luck!
Casey