How to structure a seller finance deal

[Allen Collier]

I have been watching a FSBO SFH for several months now. In fact, by looking at the history of the property, it appears as though it was purchased for $15,000 over a year ago. It also appears as though the are flipping it, as I know the owners and they actually live near me. They listed the property last year for $79,000 with an agent. The term expired and they listed it FSBO. The price has steadily dropped to its current level, $62,000. I would like to contact them and inquire about owner financing; if they would even be interested. How would I bring that up? As well, how would I even structure the deal? Would it be similar to a mortgage? Or, could I ask for more favorable terms such as a lower down payment? Thanks for all your help!!!

[Brian Mcmenamin]

@Lana Lee This explanation might help to put them in their comfort zone. "I know owning properties can be a headache, so I'd be willing to help you. I'd be willing to give you some money up front, and then give you a little bit of spending money each month for the next XX years. I'm sure it would be nice to get some money each month and some immediate cash in your pocket."

Its also good to refer them to your website, facebook page, etc to show them what you have done in the past. Don't rush them to give you an answer on the spot. Its a process. Have them become your friend.