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Seller Financing - A Way to Recover Lost Equity or a Disaster Waiting to Happen?
Seller financing might very well make sense to both a buyer and a seller where: 1) There is adequate down payment or other security to guard against default in the event of some price decline, and to make sure that, in general, we have the buyer's full attention. Proper security is paramount, and can in some cases be gained by an adequate downpayment, by pledging other assets to secure the loan (blanket loan), and so forth; 2) The seller/lender has sufficient assets to foreclose and otherwise protect his security interest in the property, and isn't living hand-to-mouth, depending on the loan for sustenance; 3) Proper care has been taken to qualify the buyer/borrower, and to structure the transaction properly. BTW, there are prohibitions that vary state-to-state (until Jan 2011 when all states are required to have implemented rules & regs) that limit a seller's ability to provide seller financing unless s/he is licensed to originate loans, or is represented by someone who is. (Federal S.A.F.E Act). There are exemptions, including selling one's primary residence and providing financing for family members, but expert counsel is immensely important. There are a number of reasons for a buyer to seek seller financing besides the credit problems ... more

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