Seller Finacing?

can someone explain to me how seller finacing works? thanks

Comments(2)

  • NancyChadwick9th March, 2005

    The seller lends money to the buyer for all or some of the purchase price. The loan is secured by a mortgage on the property. In my experience, the loan is an interest-only with a balloon in 3-5 yrs -- in other words, the loan must be paid off by the end of that time period. If the buyer defaults, the seller can foreclose and get title back.

  • bigbadbobbyboy9th March, 2005

    i still dont understand how or why a person would lend you money to buy what there trying to get money for?

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