I have found a property that was previously valued over $1M. It is dated, but in good condition. It is in a great location and includes acreage. We submitted a proposal for the owner to owner-finance 91.5% of the loan. The owner is requiring that we pay the 8.5% as a down payment.
According to the realtor, the owner will accept our purchase price offer of $575K, which is $50K off his asking price and will finance the 91.5% balance. We have a proposed closing date of Oct. 15th, but I don't have the $48K+ for the down payment. I know this a great deal and I really want to proceed with this purchase so that I can provide a safe home for my family.
In addition to the main house, there is a detached, two story mother-in-law quarters on the property. We already have someone that wants to lease the detached apartment for $1500/month.
We proposed a short-term loan/second mortgage for the 8.5%, but the realtor said that the owner would only do the one loan and is requiring the 8.5% down. We proposed a reduced payment for the first 24 months on the loan so that we can aggressively repay (in 24 months or less) a down-payment loan and/or second mortgage to pay the 8.5%, but we have no idea where we can go to secure the money.
Would someone please advise me as to how I can/should obtain the funds that I need to cover the 8.5% down so that I can close on this house on October 15th?
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