All Forum Posts by: Jason Sullivan

The idea would be for them to assume the existing loan and take my half of the property with as little burden financially on them as possible. They already own one half.  Refinance would raise the interest and term on the loan. 

In California, if I want to sell my share of an inherited home to a family member through owner financing, is it possible to charge zero interest, say through a ten year pay back period or is there a minimum interest rate requirement? 

Thanks for the responses. The idea of seller financing is being considered but the terms have not been discussed. I would offer interest on the original loan (thinking 5 percent). 

Thanks for the detailed response! The state is California. These are some ballpark numbers, but I was thinking around 5 percent interest rate. So, if my math is correct, that would be $3,454 payment a month. 

The reason I'm looking away from traditional financing is to achieve a lower monthly payment. The seller is in a unique situation and may be willing to work a deal with me that would help me make this possible. In my mind, if I can lower the 2nd loan amount by paying down the principal in the first 4 years, it would be a more affordable payment. Albeit it would take me four extra years to pay off the house.

I'm new to this so please bear with me. If I was interested in purchasing a seller financed home with the total price of say $700,000, could the loan be structured to pay off say $150,000 to the seller over a 4-year period with the remaining due after that period? For example, I would need a new loan from a bank for the remaining $550,000 after the 4 years or would refinance the house for the $550,000, correct? This is assuming the house is paid off prior. 

The idea here is to pay off the principal of the $700,000 over the four period then when I get a loan for the remainder $550,000 it would be more affordable. Thanks in advance!