Posted by Bill Gatten on September 28, 2000 at 19:55:10:
Seller Financing is a generic term that covers lease options, lease purchases, wraps, land sale contracts, equity shares, PACTrusts, second mortages to the seller, and so on.
Aytime a seller can put all of his sale price in the bank the next day, that’s an all cash offer…he doesn’t care where you get the cash.
Bill
How does Seller Financing work? - Posted by Jim C
Posted by Jim C on September 28, 2000 at 24:36:09:
I recently read that the most effective way to get an offer accepted is to give the seller 2 options. One being all cash for a lower price. The other being seller financing at a somewhat higher price.
My question is how does seller financing work? Do I just sign a contract saying that I will give the seller a down payment, then make some payments for a given time, and finally a balloon payment? I mean I won’t have to qualify for anything, will I? So as long as the seller trusts me to make the payments, then I can buy the house? The reason I would like to know this is because I will not qualify for a conventional loan.
And if I use a hard money loan, is that considered an all cash deal? I just want to know this because I want to be sure that I have both sides of this technique available for me to take advantage of.
THANKS A LOT!!!
Jim C