Can anyone offer experience on offering part vendor finance to attract a buyer.
I have a 34 Sq/M unit I am wish to sell but I am aware that credit providers only offer around 60% lend on this size.No problem with the property or its size from buyers point of view. Only bank critera.I have just had a buyer walk away even though she was seriously keen to buy because the banks said find something bigger and we will lend to you.She had 10% deposit inc FHOG.
My understanding is that the banks would offer around 60% plus her deposit which would leave me needing to offer finance of around 30% or about $40,000.
I am getting the impression that i may need to offer a deal like this in order to find a buyer fairly quickly. Has anyone done this ? What Has been the result ? Good or bad?
Any pitfalls or benefits?
I am in WA and have and may still consider wrapping but would need to wait out the application time on the credit provider licence if I qualified . Not my prefered option .
All experience and advice would be appreciated.
Cheers,
Greg
You must be logged in to reply to this topic. If you don't have an account, you can register here.
