Seller financing is carried most commonly in one of two ways. Seller Takes Back Mortgage The first is for the seller to take back a mortgage on the house. The buyer signs both a promissory note (promising to repay the loan) and either a mortgage or a deed of trust (allowing the seller to foreclose if the buyer fails to [ Read More ]
Archive for the ‘Seller Financing’ Category
Seller financing is financing extended by a seller, instead of a bank, to a buyer. The buyer pays interest to the seller and is approved by the seller instead of the bank. The buyer and seller agree to the interest rate and the total term. They can choose to create their own documents or use an attorney to create the [ Read More ]
