If you have done a deal using seller financing I would love to talk to you! I am trying to put a purchase agreement together and am having a hard time understanding how to put it together.
I bought raw land and a condo on owner contract. What I did, because I had bad credit, etc., was I offered them full asking price and higher interest rate.
The raw land owner accepted that, the condo owner countered with a 10 year balloon payment.
The raw land owner also wanted more down than I wanted to give, but I had it, so I gave him what he wanted. The condo owner accepted 5% down. Both were having a hard time selling their property.
I don't think it's smart to go in with a real lowball offer, as it just insults them. You go in with an offer that they can't refuse, and accept the fact that you have to give more because you are a higher risk.
At least that's what worked for me.