Seller Financing: What are the Buyer Offer Norms?

[Dale Byram]

I am looking at a quad in Grand Junction Co. The seller is open to seller financing. My question is, what is normally included in the initial offer? How detailed should I get? Obviously the buyers purchase price amount would be included, but what else; interest rate, amortization or balloon, down payment, ect.?  

[Aaron H.]

You don't need to include the loan details on the offer contract, that can all be ironed out as part of the closing process when you get the deed and promissory note drawn up. If you want to spell out the broad outlines, just write up a short memo/letter of intent that describes the kind of loan terms you'd be agreeing to, and use that to translate into the actual lending paperwork.