What is the typical rate on a owner financed property?

[Patrick Boutin]

What is typically the rate charged on a owner financed property? This would be for a very short term of 3 years maybe.

Is it fully amortized and does it include/require down payment and/or balloon payment?

thanks!

[Account Closed]

I would say that there is no typical rate or terms. All terms for this type of transaction are fully negotiable between buyer and seller. 

Be sure to have the mortgage drafted by an experienced real estate attorney. The relatively small upfront legal cost could save you thousands down the road.