Seller Financing For A Florida Condo - Suggestions Needed

[Aly W.]

Hi all,

We're going to make an offer on a Florida condo, and the seller is offering financing. Asking price on the unit is $279K. We've been pre-approved for bank financing but condos require a full questionnaire to be completed for non owner occupants. We will be renting out the condo for several years until we decide to move to FL permanently.

Most condo complexes will not likely be approved by the lender due to their guidelines; seller financing may be a good option.

The seller wants to see our offer and terms. As an example, we might first offer $240K, 5% interest, 20% down, 10 year balloon, interest only.

Does anyone have any advice or suggestions? Much appreciated!