Advice needed for a Real Estate Note for Sale -- Buyer wanted

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Posted by Grant on May 31, 2003 at 18:54:42:

I am a Spec house builder on San Juan Island WA. I am recievieng a signed offer on a house I have just completed on Monday the the 2nd of July. It is not a very good offer and I would like some advice on how to make a counter offer that might apeal to a note buyer. I have no interest in holding a note myself and want to know what it would cost to sell it.
The home buyer wants (is dreaming of) me to finace $200,000 out of a total homes value of $460,000. The other 260,000 he is finacing from another souce (bank?) and they would be in first position. He is putting none of his own money down. He is offering 5.5% interest only payments for a year and then a balloon payment of the entire principal one year from close of escrow. And a $1000 non refundable earnest money deposit.

The home is a water view lodge style on San Juan Island. San Juan county has the most expensive average property values in the pacific northwest and they continue to rise. Email me for pictures of the house and its web address.

Thanks for the help, lets do business.
Grant Calverley

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