A brief conversational transcript discussing seller-financing terms for a real-estate deal. The seller's preferred terms are stated (10% over asking, 8% interest, 25% down, 30-year amortization, 3-year balloon with 1–2 year renewal option). The speaker proposes a possible counteroffer (e.g., 40% down and adjusted terms) and asks whether the seller would accept being in a non-first-position lien.
Yeah. The seller financing on this one caught my attention.
But his preferred terms he he outlined to me was that he's 10% over asking at 8% interest rate, 25% down, 30 years amortization with a three year balloon with an option to renew for one or two years or up to two years, depending on payment history. 30 years with a balloon payment after three years with an option to renew up to two years, depending on payment history.
So if I were to come in with, let's say, 40% down and maybe we adjusted the terms a little bit, is that something that the seller would be open to if the with the caveat that the seller would not be in first position?
Like I said, if you present the terms, I'd be happy to send it to the seller and get his thoughts on it.
