Chosen by Asker

Since this would be a very high risk transaction for the seller to agree to, your offer needs to be at least market rate, maybe more if you really want it. They can counter offer your rate. As a sellers agent I would ask for much more information than what you have provided in your question. I would want to know your credit score from all 3 bureaus, plus have a copy of your credit report. I would probably suggest a backround check for criminal & job history & rental history if you have any. All of these factors would help me make my decision if I was the seller. Are you sure the seller is wanting to carry the note? If they aren't willing to consider that then I wouldn't waste time putting in the offer. It is a much bigger risk for the seller to extend the credit to you than you might think. I also hope that you are not thinking to ask the seller to hold the note for 30 years. Hopefully the balloon payment takes care of the remaining balance at the 6 year mark. If this actually works out for you, DO NOT FORGET to go the the courthouse and record the deed or whatever security instrument. You might want to consult a real estate atty to see how this works in your state.

Source(s)

Realtor in NE

by klay

1 month ago

Asker's Rating: 

With no money down? The seller paying the closing costs? U can threaten him even with the notion that u plan to call the city inspector so he has to fix everything including painting and roof, plus the inspector fees. U want to make sure there are no hidden surprise costs!

by 80ist- 1 month ago

There is no reason a sane seller would accept your offer, even at an offer over listing price. Your approach is fraught with risks for the seller. If you made an offer like that to me, I'd give you an old pair of roller skates, so that you could be on your way quickly.

by acermill- 1 month ago

I would offer the market rate - today.

by DebbieA- 1 month ago