Need Help/Advice on Owner Financed Purchase

[Patrick K]

I contacted a local agent who represents someone selling a $200K lot in my city, asking if the owner would be interested in financing the purchase. Problem is, I really have no idea what they would expect, want, or even what a standard deal might look like.

My capabilities would be 10% down, 10-year @ 5-7% is the wheel I was looking for. I could be close, or way off I supposed but if he is not cash hungry seems like a good deal for them.

I just asked if he would be interested without expressing anything regarding terms, in the hope to hear the owners expectations, if he is even interested, to see if we would even be in a similar range.

Any thoughts or help on this?