When selling a home, financing is usually something that is entirely the buyer's responsibility. The seller collects a check or receives a wire after the loan goes through and all the fees are paid. However, adventurous sellers who are open to alternative finance options may wish to explore seller-financing.
What is seller financing and how does it work? If you have a strong buyer who nonetheless does not have access to traditional financing, there can be distinct advantages to financing them yourself. You just need to be sure that you can, or want to, deal with the potential drawbacks of this unusual finance option.
Here we highlight some of the potential pros and cons of offering seller-financing.
Please note the below is for…