Owner financing, also known as seller financing or seller carryback, is a financing arrangement in real estate where the seller acts as the lender.
Instead of the buyer obtaining a traditional mortgage from a bank, the seller provides the financing directly to the buyer. This means that the buyer makes regular payments to the seller, typically with interest, over an agreed-upon period.
Owner financing can benefit both parties, as it offers greater flexibility in terms and eligibility criteria. It allows buyers who may not qualify for traditional financing to purchase a property and provides sellers with additional options for selling their property (more options equals more potential buyers equals higher potential contract price).
Here's a full summary of the owner-financing methods one can use.
Learn About Owner Financing Methods
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