What is Seller Financing?

Description

Seller financing is a real estate agreement between the parties that allows a buyer to directly pay back the loan amount to the seller instead of using the traditional mortgage from a bank, credit union, or other financial institutions. The seller provides financing and manages the mortgage process. Seller financing cuts out the middleman and provides a loan directly to the buyer.

In the payment process, the buyer makes the down payment of the principal amount of the property price. The remaining amount is paid to the seller through monthly payments, with some additional interest charge on the loan.
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