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In a tough mortgage environment, seller financing can be a boon both for sellers trying to dispose of a property and buyers unable to satisfy a conventional lender.
Among buyers who could run into problems obtaining a mortgage loan are those who recently changed jobs, are self-employed or have a demerit, justified or not, in their credit history. For them, seller financing can be the answer to purchasing a new home.
For sellers trying to add value to their asking price, ability and willingness to offer financing can make the difference between a sale that falls apart and one that succeeds.
But–of course, there always are ‘buts’–each side of such a transaction needs to proceed cautiously and must depend on the services of well qualified attorneys. Continue reading
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