Seeking Advice from People Experienced In Sellers Financing

[Erin Sarocco]

Hi all, 

I have had my eyes on a property in Boise for a few months now, it has been on the market for quite some time and definitely has its quirks. I really think I can make a seller financing deal work but my agent does not seem to agree... she claims that a seller finance deal will not work unless I have 40-50% down and offering above market interest rates. This is very different that what I am seeing and learning online about sellers financing. I feel like ever since I have started my real estate journey, I keep hearing the phrase "You don't need cash to buy a house!" - especially from that Pace Morby dude. This seems absolutely opposite of the case. Does someone have insight here? For those interested in helping more - here is a breakdown of the deal:

Asking: $798,000

My agent has estimated it is worth closer to $675,000-$700,000

This is an estate situation, they own the home outright and have some renters so are cash flowing a bit. They seem to not be in a hurry to sell and have kept it on the market and rejected 4 lower offers - obviously looking for their premium price. The son (1/2 owner) has expressed wanting his money upfront and told his agent it's a no to seller financing. However, I hear that a lot of seller financing negotiating is also educating sellers on options. I would want to propose a 2 year term balloon payment situation that would allow the family to clear out of their estate situation and walk away with a net that is closer to asking than anyone could have offered. The caveat here is I would require low interest rates and 0-7% down on my end - it is all I am able to make work to get them closer to what they are asking for.