How to make an owner finance offer?

[Terre B.]

How do I present an offer for an owner carry? There is a mobile home, not on land, so it cannot go FHA. Owner wants $50K. I asked if he'd consider owner carry, and he indicated it would depend on the down. I mentioned 20%, and he wasn't excited. Mobile home financing I can find is 12% for 23 years, so I'm wondering if there is a better way. I'd like to go 10% down, 10% interest, with maybe a balloon?

[Charles Kao]

@Terre B. First of all always get the owner to reveal what percent down they will accept.   If they don't say I go with a low amount like 1000, and then when they say no I just say well if you have a number then that will be alot easier to move along negotiations and then they just give you the number.  He may have considered 20 percent but thinking he can get more now that you revealed first. I would not go above 20% because you can get conventional financing at that point through one of the mobile home lenders I assume based on it's condition if it's under 15 years old.  If you still want to get it then try to negotiate superior terms and just say if you get better terms you'd be willing to go with a higher down payment.