Owner financing offer on a house I’m selling

5 Replies

I’ve had a SFR for sale since November. Asking is 200k, owe 84k. Getting a lot of low balls but traffic is steady. A contractor friend has asked to buy on terms. He did a lot of the work on the house so there’s no surprises for either of us there. Terms offered include: 1) moving in a renter of his (long time employee). 2) less than asking price 3) one year financing with large payments I like #1 with a lease from me, not to the contractor. I don’t like #2. I think it should be asking or better because of the terms. FYI his “cash price” offer was 140k. What would you do?

If you are giving terms, you don't have to move on price.  You could counter will longer terms, lower payments, but keeping your asking price intact (if that solution meets your needs, obviously).

So I have never been in that situation however I would say no. The reason is to protect the relationship between you two. Good contractor friends can be hard to come by especially one that you trust. If the tenant some how does something they shouldn’t or violates the lease. It could cause unnecessary tension between you two. Hope this helps.