Owner Finance buyer is Investor
Hello, Please help I do need advice.
I own a property in Florida for the last 6 years,
Now I want to sell it with Owner Finance (Zillow say it worth about 130K)
I have nice agent that just got offer. Terms are: 6% Interest rate, 10K down and I think 30 years loan and 3 years lock into the loan with me.
I was thinking it is sound OK but I just found out I have an investor as a buyer.
A. I am NOT helping some guy that need help…. And
B. Is it cool? I am missing something. Why investor is doing that?
I'm new into OF, Please let me know what you think?
Thank G
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#2 General Landlording & Rental Properties Contributor
- Real Estate Broker
- Northeast PA
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#2 General Landlording & Rental Properties Contributor
- Real Estate Broker
- Northeast PA
@Gad Amit (is that a curse? LOL) IMHO, anything less than 20% dp for seller financing would not be worth it. In your scenario, I'd rather offer a lease with an option to purchase.
Rationale: if/when things go sideways, that $10k won't go too far to achieve a foreclosure and repairs. Much simpler and less expensive to evict. Good luck!