140: Rookie Reply: Seller Financing 101
Real Estate Rookie
00:00
Owner Financing - What Is It?
With owner nancing, instead of going to a bank or credit union or some other lending institution, the owner is actually acting as the bank in that situation. The buyer agrees to a purchase price with the seller and then they make monthly payments to the owner for some predetermined time period until that amount is paid back. Find out if there is a mortgage on the property at all, if the seller maybe needs some money to pay off a portion of the mortgage. And you can also go to your county records sow, the clerk records, and pull them up. It will say when the loan was taken out but doesn't estimate the balance for you.
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