Seller Finance with Selling Agent?

[Account Closed]

Hello,

The Situation:

I bought my current home for $190k (tax assessed $250k, Zillow $265k, rent ~$1.5k-$2k) and my neighbor is selling their near identical home (slightly smaller and basement access only from outside) for $225k (initially listed at $250k). The home is older, cluttered, slightly dirty, and roof is about the end of its lifetime. The owner died and her son who was living with her is selling I believe. I need to verify if home is owned free and clear and who the heir(s) are.

The Plan:

I want to offer $180k owner carry for 5 years, $1000 monthly payments towards the principal, with $10k down, and a balloon payment at lease maturity. Federal requires an interest rate but not sure how much to package the deal. I need a real estate lawyer to draft the contract.

The Questions:

How should I approach the selling agent? Ideas on how to structure the deal better (all depends on the seller needs, I know)? Any and all advice is much appreciated. Thank you for your time.