Posted by de-ohio on July 26, 2003 at 12:17:25:
When we write an offer where we want the owner to carry the down payment we write it as such.
Offer: 200,000 owner to carry 40,000 @ 6 % for 20 years. Balloon in five years.
This automatically makes your offer. You dont have write any other contingancy regarding this. Either they accept this, they refuse it or they counter at which time you accept their counter or yu counter their counter until you both agree on something that works.
We buy and sell all the time with owner carryiong down payment, its pretty standard on multi-unit buildings.