Buying personal home with seller financing - Posted by Greg Keller

import · July 10, 2001, 9:15pm

Posted by terry on July 10, 2001 at 23:00:40:

try for less down,lower interest and 7yr balloon,thee deals are there,good terms try to get better.

import · July 10, 2001, 9:15pm

Posted by Greg Keller on July 10, 2001 at 21:15:47:

Hi,
Tried this on the finance board with no response,so here I am.

Because of substandard/poor credit and no employment history,(self-employed, lot of cash pay)I cannot obtain “an everyday at your bank” loan.

So,I have found a very nice home in a super desirable 'hood, not too over-priced, and the seller will finance.

Deal - $145K w/ 20% down(I’ve got that), 9% interest,pyts. based on 30 years, with balloon at end of 5yrs(enough time for me to get my act together).

This seems to be a gift from above/prayers answered kind of deal, but could I get some opinions?

Thanks much,

Greg Keller

import · July 11, 2001, 1:00pm

Re: Buying personal home with seller financing - Posted by John(NH)

Posted by John(NH) on July 11, 2001 at 13:00:26:

I would also work in a contingency for an extension on that balloon, even if you have to pay some dough. Who knows where you’ll be in 5 years.