Seller Finance Dilemma

[Loreto Malvone]

I'm new and I work with a team who is helping me get started. I was provided an on market house to call the listing agent. The homeowner is open to seller financing. They want 17% down ($68,000) down, Monthly payment is $3829.56. Thats all the info they will give. They will not give me outstanding loan balance or when the loan matures. I am willing to work the terms to fit both but the seller will not give me the information that I need to make sure its a deal.

I feel like the seller is asking for all of the equity as the down payment. How can I get around this road block? Thanks in advance!

[Patricia Steiner]

What you're asking is none of your business.  What is your business is what are YOUR terms of the seller's financing - the interest rate, prepayment penalty, term/amortization, and titling/deed.  You also need disclosures on all of this but what you need even more is a real estate attorney to oversee the documentation and process.  A transactional real estate attorney is the best investment you will make here.  

What you don't know can and will hurt you badly. You may have found the right deal but now it's time to ensure that it will still be the right deal after you put your money down and sign.  Get a real estate attorney.