Seller Financing
I am very interested in a SFH that is listed through a realtor. I would like to make an offer that involves the seller carrying back financing for a 20% down payment. I’m not sure how much equity the seller has in the property How do I make this offer attractive to this motivated seller that might be unfamiliar with this type of arrangement? What is an attractive interest rate and term to offer that would benefit me as well? Any thoughts would be greatly appreciated!!!
Simply ask the listing broker if the Seller would consider some short term owner-financing. No need to volunteer any specifics at this time unless you were asked to reduce your Offer to writing.
If that's the case, you should make your full price offer to include 20% (assuming you have closing costs cash) seller held second mortgage. Keep it short term. Perhaps a balloon payment of P&I in 12 to 18 months.