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Updated about 9 years ago on . Most recent reply

User Stats

45
Posts
4
Votes
Malcolm Brown
  • Real Estate Agent
  • Philadelphia, PA
4
Votes |
45
Posts

Seller financing

Malcolm Brown
  • Real Estate Agent
  • Philadelphia, PA
Posted

Working on my first ever deal, and surprisingly it's a seller financing deal. I've structured the deal via an agreement of sale. The seller and I sat chik-fil-a today and I explained everything I could to her to help her understand the deal. The seller just wants to get of the property all together,  not keeping the deed in her name or the mortgage. Shamefully, I've briefly begin marketing to deal the have a few buyers already interested. SMH, at this point do I just let this deal go, and refer her an agent who can have a buy to pay off the whole loan amount or do I try something else? 

Property information:

ARV 110k

No repairs needed 

Loan amount 65k 

Payments 545/month

Interest rate .08% (P.I)

Seller asking 15k (buyers responsive to me asking 25k down payment at closing 

Current tenant paying 800/month

Market rent 1000

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