hello Jennifer,
hope the below can help.
we purchased 2 months ago via vendor finance.
purchase price was $200k. we put down $60k, VF $70k and borrowed $70k.
this experience has showed us that good communication and working towards a mutual outcome can always work.
the vendor needed $130k in this instance urgently and so this worked.
VF terms – 8% interest with the first instalment of interest paid on the first anniversary (1 year).
the balance of principle will commence repayment after 2 years.
the vendor has a caveat over the property.
this was all very simple to do and although our solicitor had not done a VF before there was no big hassle.
we had only 2 or 3 sentences in a purchase contract, and it was really simple having the vendors lodge their caveat. none of this held up settlement.
it sounds like the solicitors are making it difficult. try and speak with the vendor direct to discuss your intentions. let them know honestly why you are wanting VF.
all the best.
[thumbsupanim]pete