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Updated almost 7 years ago,
Seller Financing pros vs. cons and guidance
My landlord has just notified me she is considering selling the property I rent from her. I would like to approach the subject of seller financing with her as a possibility of buying the property but I am not sure of how to go about this.
The property is located in Sonoma County, after the fall fires we have a severe lack of inventory and houses are flying off the market far over asking price. What can I do to sweeten the idea of owner financing. This is a property that she inherited from her parents with no loan owed on it. Also, it has a total of 3 units on it. 1 primary house that I live in, and 2 others that had previously been garages and converted to 1 bedrooms many years ago and have also been rented out. I have lived here for going on 3 years and have a good relationship with the owner. I am not ready to take a home loan. I work full time but pay is inconsistent because I am also a Realtor so some weeks my full time job as a paralegal is not always 40+ hours a week, due to needing to focus on my Real Estate work.
Can anyone please give me some advice and also some guidance on approaching this situation?