Well, we have had NO offers on our house listed on the MLS even though we dropped the price to $219,900
We do not want to have the house vacant going into winter, so we are seller financing the house to a lovely couple and their two daughters who are moving from Burlingame.
Our deal will be a purchase price of $249,900 with 10% down, 7.5% full amortizing loan with a five year balloon. This will give them a payment of approx $1600/month plus taxes and insurance.
They are moving from a rental apartment where they have been paying $2200/month - win/win for everyone.
Looking to pick some new properties, but market has shifted considerably in several ways - huge reduction in inventory, very slow response time by banks and an overall very cautious buying and selling environment.
On pins and needles waiting to see what 2011 has in store!!
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