HELP!! Seller will carry financing. NEED ADVICE!!! - Posted by Blue Heron
Posted by Blue Heron on May 26, 2006 at 08:53:20:
Second distress call on this. Seller has a Craftsman Bungalow which was converted into three separate apartments, which are all currently rented. He’s willing to take back financing but I don’t know A) how low I can get the price, B) how little I might need at the closing table and, C) the best way for me to structure this deal for myself both in the short and long term. He’s asking $450K but I don’t have comps yet.
Seller told my girlfriend over the phone that the person they bought it from several years ago took back a large chunk of financing over 5 years. Said he wouldn’t go that long but he was open to creative financing.
Any advice would be most appreciated.
Thanks in advance.