innovermyhead
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- Jun 8, 2010
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Hi!
We have been looking - lost a property in Wa state. Very disappointing but almost immediately found one that is ultimately better for us (although I love the Pac NW). We have been talking to three banks about financing. One turned us down flat - no real industry exp. The other two seem to think it will work and are fiddling with terms, exact down payment amounts etc. But they are happy with the price, cash flow and are finding our resources acceptable. The current owners will realize a tax benefit if we close the sale by year end. Thought that would happen via the bank but I'm no longer positive that that's realistic. The owner's have come to us offering to finance the loan. They need a bigger down payment but offer a fixed rate and no fees.
Obviously we need to make the best financial decision but I'm wondering more about the "softer" side of this kind of arrangement. It feels a little like borrowing money from my parents - something I've never done by the way! Wondering if anyone has experience with owner financing - positive or negative?
Thanks for any insight!
We have been looking - lost a property in Wa state. Very disappointing but almost immediately found one that is ultimately better for us (although I love the Pac NW). We have been talking to three banks about financing. One turned us down flat - no real industry exp. The other two seem to think it will work and are fiddling with terms, exact down payment amounts etc. But they are happy with the price, cash flow and are finding our resources acceptable. The current owners will realize a tax benefit if we close the sale by year end. Thought that would happen via the bank but I'm no longer positive that that's realistic. The owner's have come to us offering to finance the loan. They need a bigger down payment but offer a fixed rate and no fees.
Obviously we need to make the best financial decision but I'm wondering more about the "softer" side of this kind of arrangement. It feels a little like borrowing money from my parents - something I've never done by the way! Wondering if anyone has experience with owner financing - positive or negative?
Thanks for any insight!