Help with structuring seller financing

[Michael Morrissey]

Help me BP, 

I'm an investor in MA and I currently have a lead on a seller financing opportunity in my area. This will be my first time putting together a deal like this and I'm unsure where to start. Great news is the seller is open to options besides all cash,  but what's the best way for me to present my offer. My agent mostly deals with traditional financing and does not have much experience with seller financing. Should I go find another agent? Have a lawyer write up and offer? What's my best next step? I would appreciate any advice you can give BP! 

[Steve Vaughan]

You keep mentioning an agent. Does your agent have commercial designations? Is this a listed property on the MLS? If so, your down payment requirement just went way up.

Agents and seller financing are usually like oil and water. They farm. They sell.  They don't do non-traditional transactions for the most part.

After submitting an LOI with 3 different options to the seller and they agree on one, I just submit a standard realtor PSA here that has a pre-printed 'Method of Payment' addendum. The addendum asks what the down payment is, term, rate, etc. With that I open escrow at a title co like normal and they outsource the drafting of the docs, usually at an additional cost of about $300.

Does your standard MLS PSA for multi/commercial have a pre-printed addendum for other methods of payment besides cash out? Google up 'multi family purchase and sale MA' and see what's out there @Michael Morrissey.