Asking the seller to finance when the property is listed

[George P.]

Question to all RE Agents and Brokers out there - did you ever have to present an offer that required owner financing for the most of the asking price? Would you call before hand to inquire whether the seller will consider financing or just plain submit an offer to the agent?

As I can imagine most agents are trained to think in terms of CASH or Conventional Financing transaction. So how do seller's agents handle such an offer?
I am also thinking for those properties that had been listed forever, it might be the only chance for the seller's agent to get paid so they should be open-minded?...

Please chime in if you have anything to add to the topic.
Thanks

[J Scott]

Hey George,

As someone who has received these sorts of offers (my wife was the listing agent), I have some personal opinions...

In this market, it is likely very rare that a seller will have the funds necessary to pay off all mortgages/notes/liens in order to be able to finance the sale himself. While not impossible to find these people, in my experience they are few and far between.

Given that, you're probably going to waste more of YOUR time by submitting full offers requesting seller financing then you will be wasting other people's time. Instead, I would highly recommend just placing a call to the listing agent and asking if their client would be willing to consider a seller financed deal.

If the agent says yes, then go ahead and write up an offer. Otherwise, save the effort...as it will likely be a waste of time...

Just my $.02...