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Buying or Selling a Home/commercial prop
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Question
Hi,my name is Nick and I'm planing to buy a commercial property.my problem is getting financed. as a commercial loan I need to have 20% of the selling price, funds that I don't have. I know that the person selling the property has paid off her loan, and I was wondering if you can help me understand better the seller financing option since its the only alternative for me.
Hey Nick,
Thanks for the question. To be 100% honest, I don't have much experience with commercial loans. That said, owner carry financing is the same for commercial or residential. Essentially owner carry is just as it sounds. You will sign a promissory note, stating the terms, conditions, interest rate etc. and that will be recorded with the county as public record. Make sure you are happy with the terms of the loan (i.e.- do you want a 30yr fixed interest rate or some type of hybrid loan.)
Once you have solidified what loan works best for you, the only real difference is your payments each month go to the former property owner instead of a bank somewhere.
Hope that helps, and good luck.
Jay
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
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- Connie Wildasinn-Broker,GRI,Realtor®
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- CJ Brasiel
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- Tim Norris
Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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