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Seller Financing
Simply put, seller
financing is another way of saying "owner financing."
In this case, the owner, or seller, of the property has decided to
finance the loan that the buyer needs to purchase it. In other
words, the seller is acting as a bank and, instead of receiving the
asking price for the property, will receive a down payment and then
small monthly payments for a set period of time-just like a bank
would who is loaning money for someone to buy a house.
There are many different
advantages in
deciding to finance the sale of one's own home or piece of
property.If a seller decides to take this routeand finance the
purchase themselves then terms of the loan must be agreed upon by both the
seller and the buyer. Once terms have been reached then a
binding legal document, the actual real estate note, can be
created.
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