Counter Offer Advice

[Ruben Garcia]

I'm looking to purchase a property zoned as commercial in Riverside. Property is listed as restaurant, however, the structure is empty inside, needs work both inside and outside, and no grease trap. Originally, property was listed at $349K at the MLS, but offered it to me for $400K, 10% down, owner will finance interest only at 7% for 3 years.

To secure a SBA 504 c loan will take some time. I am seeking anyone's insight on how should I counter offer the proposal. Would you consider this a good deal? What can I propose to make it both beneficial for the owner and myself. Are there anything I need to consider prior to submitting a counter offer?

Your expert advice is greatly appreciated.

Ruben Garcia