When a seller allows a buyer to make payments over time for the purchase of property, it is known as owner financing or seller financing. This private financing by the seller can take the place of a bank loan or be in addition to a conventional mortgage. The payment amount, interest rate, and other terms are agreed upon between the buyer and seller. The amount financed by the seller will depend upon the buyer’s down payment and whether there are any bank loans. Here’s an example of how seller financing works... A property owner advertises his or her house for sale, either on her own or … [Read more...] about What is Seller Financing?
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Safe Seller Financing Tips
It’s a tough time to sell a house. Hoping to stand out from the crowd, sellers are advertising "Owner Will Finance!" Accepting payments over time provides buyers an alternative to bank financing. Of course sellers don’t want to trade a house that won’t sell for a buyer that won’t pay. Before you agree to "Be the Bank" read these 7 Tips For Safe Seller Financing! … [Read more...] about Safe Seller Financing Tips