What is the seller financing is? Seller financing is the type of loans that the seller of any property provides to the buyer to cover all or some part of the sale spice. Seller financing is considered to be one of the most effective tools in bringing sellers and buyers together to close the deals. It could be beneficial for both parties of the deal and is very viable option to sell real estate. Seller financing is wider used on sales of large parts of land that lenders have not financed. There is no matter you are a seller or a buyer, you could want to know some more about this type of financing. So, let?s start from the advantages of the seller financing.

This type of the financing offers great savings on closing costs as for the seller so for the buyer. The buyer as well could request to include in the sale any household goods to his liking or even a car for that matter. This type of financing is a nice alternative for buyers who cannot qualify for the traditional loan. On the other hand, the seller could request a higher price for assisting the buyer with his financial requirements. The seller does not have to undergo costly repairs as often required by the lenders provided mortgage loans. The seller can order the buyer to buy an insurance policy for his or her protection against any defaults. The seller has the right to choose which documents – as land sale document, deed of trust or mortgage – to hold on to till the loan is fully paid off.

At the same time there are some disadvantages of the seller financing. One of the disadvantages of this type of financing is that there is a possibility that the buyer can make full payment of the loan, but still could not get hold of the title of the property because of some obstacle not mentioned by the seller. The seller could not be able to make the payments on a senior financing and the property could serve as a subject to foreclose. Unless negotiated by both parties, the buyer could not have any protection of a home inspector, mortgage insurance or credit background thoroughly which could lead to foreclose of the property. In addition there is the possibility that the seller will agree to a small down payment to help in sale and the buyer over some time could abandon the property due to the minimal investment that was made.

As a conclusion, it could be said that seller financing could be good as long as it is addressed the concerns of both the seller and the buyer. While negotiating it is necessary to keep an open mind on the details of the sale.

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