How Does Seller Financing Work?
I have an opportunity to buy a property with seller financing. I'm not sure how it works and neither is the seller. Where can I find more information? Is this type of transaction set up strictly through the buyer and seller or do you have to get a bank loan?? I'm totally clueless!! :-? I own two properties now and probably would not qualify for a third mortgage. Would have to take equity loans on other properties to swing it, but great return on investment opportunity! Help!
Does the seller have a mortgage or is it owned free and clear?