Seller financing offers
Hi there,
We are trying to sell our house in a popular city but the market has slowed greatly in the last year. Our house also has a few quirks that I never had an issue with but seems to be putting buyers off. The price has dropped by 55K in total but still no offers from regular ppl.
Here's the thing, we are getting a steady stream of seller financed offers from companies.
Here's an example:
Offer Summary
• Purchase Price: $350,000.00
• Cash to Seller at Closing: $10,500.00
• Listing Agent Commission: $10,500.00
• Existing Loan to Be Taken over Subject-To: $235,425.00
• Seller Finance (7-Year Balloon): $93,575.00
• Monthly Seller Financing Note Payment: $259.93
• Total Net to Seller: $104,075.00
Key Terms
• 30-day closing (flexible if needed)
• EMD: 1% to be deposited to the title company
• Structure designed to maximize net proceeds to your client
Obviously we would counter with better numbers but I wanted to gauge people's reaction to these. Are they an absolute no-go? Or would you consider if it's the only option?
AI suggests a real estate lawyer could draw up various papers (Promissory Note, Personal Guarantee, Hazard Insurance Requirements, and a few others) that would help protect us.