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