Seller Financing Negotiations - Need Help

[David Siegel]

A property I listed on the MLS had the listing expire after 6 months. Shortly after an investor reached out wanting to take the existing loan subject to and purchase my property at full list price but do seller financing. I'm open to it. We are not needing lots of cash right now and were looking to sell to wind down operations as we just had our 2nd baby and life is hectic so I think this should be consistent with our investing goals.

I've never been a part of this kind of transaction and have no idea how to negotiate. I assume I'll also need a lawyer at some point. Who would be good at advising us for this transaction? Is anyone aware of what is normal in terms of down payment, interest rate and term for the seller financing loan? Any guidance is greatly appreciated! TIA!!

[Chris Seveney]

@David Siegel

Happy to assist as we buy and sell notes as well as do some private money lending. I have an attorney that can draft docs or a local title company could also do the same. Depending on the deal size I can give you more info on down payment etc. One thing not to do is to lend at below market rates - as if a time comes where you need capital, selling a low rate note will sell at a steep discount