Looking for creative options for seller financing

[Christopher Benedict]

I came across a decent opportunity. Home is only 3 years old. The owner bought it for cash, so no mortgage. She stays on the property maybe 2 or 3 times a year when not traveling out of the country. She is looking to move to Florida, and can't sell this home due to:

1) She wants top dollar
2) The home sits next to a transfer pump station (eyesore)
3) It sits on a main road (traffic, noise)
4) The community pool is behind the home and visible from the deck

The home is in immaculate condition. We can buy it furnished. We think it will make a great short-term rental in a very office-space-heavy area.

I want to offer her a higher sale price (closer to what she wants) if we can make the deal work for us.

Any suggestions?

Option 1: I was thinking she gets her $650k, she holds the note on a 40 or 50 yr amort loan. Maybe no downpayment, maybe a large one if she needs it to buy in Florida.

Option 2: We give a 10% down, she holds a 90%LTV note. Maybe a 3 year balloon that we have to refi out of so she can buy in Tampa

Thoughts?

[Joe Villeneuve]

You're heading in the right direction.  What you want to do is combine pieces of both of your options together.  Also, remember that interest rates are also negotiable, and the seller gets all the money from the interest.  I do Seller Financing all the time.  It's my favorite strategy.  There are many ways to do it.  If you're interested let me know.