That is one ugly offer! Ooo-wee!
Looking for a seller financing situation for clients in our selling environment can be daunting! Most seller's want to control the real estate purchase contract and deadlines, leaving the buyer to make a decision of buying an overpriced home with unreasonable terms or conditions. Or perhaps settling for something they can live with, rather than finding a home that truly suits their lifestyle.
If a buyer needs a seller financing situation to get into a home, the rigid terms set forth by a home owner may not work. This is why the negotiation phase of a transaction is so very important. I emailed an agent for specifics on what the developer offered through seller financing. He said the offer had to be attractive. Okay, so if my client's offer doesn't exactly meet their specifications, does that mean it is ugly?
The agent stated it had to be:
- Full price
- 20% Down
- Short term
- 6% Interest
- Good credit
If seller financing buyers were able to meet those guidelines, they'd go to a banking institution rather than attempting a purchase through a home owner! Seller financing transactions can be done, it is just a matter of time mixed with a lot of effort and patience. And if your clients terms do not match the owner's requirements, it is often best to take the ugly offer and move on.