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Updated over 5 years ago,

User Stats

12
Posts
2
Votes
Jeffrey A Hayes
  • Lansing, IL
2
Votes |
12
Posts

Down payment with Seller financing

Jeffrey A Hayes
  • Lansing, IL
Posted

Hello everyone, 

I have my eye on a duplex and I'm about $10K short for the 25% down typically required for a 2-4 unit property.  I've contacted the seller, and they are open to offering seller financing on a portion of the house.  Question is, how much do I take advantage of it? My initial thought was to only ask for the $10K but then if I did $20K, that would leave me with some cash reserves for the just in case scenarios...or eventually a shorter leash on another property. 
Has anyone structured deals like this and will the bank have any problems with this assuming they know where the money is coming from?Thanks!

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