This episode we go into discussing Seller financing, also known as owner financing, is a real estate transaction arrangement where the seller of a property acts as the lender, offering financing to the buyer instead of the buyer obtaining a traditional mortgage from a bank. In this scenario, the buyer makes payments to the seller in installments over an agreed-upon period, and the property's title remains with the seller until the buyer completes the payments.
This type of financing can be beneficial for buyers who might have difficulty obtaining a conventional mortgage due to credit issues or other reasons. It can also provide sellers with additional options for selling their property and potentially earning a higher selling price. However, both parties need to agree on terms such as interest rates, repayment schedules, and consequences for default. It's essential to draft a detailed legal agreement to protect the interests of both the buyer and the seller.
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