Sorry to ask such a stupid question but, Could someone please explain the difference between the two........ is owner finance the use of the current owners equity?
It isn't so much a dumb question as it is (in my opinion) just a simple fact of not understanding. From my perspective buying subject is your taking over the owners position (without securing new financing) and making their payments. With seller finance the seller becomes the bank and you pay them directly, on a wrap around or a contract for deed or a new trust deed and note with/to the seller. I hope that helps!
It isn't so much a dumb question as it is (in my opinion) just a simple fact of not understanding. From my perspective buying subject is your taking over the owners position (without securing new financing) and making their payments. With seller finance the seller becomes the bank and you pay them directly, on a wrap around or a contract for deed or a new trust deed and note with/to the seller. I hope that helps!
Thank you for your reply.......Im now clear on the two.......