What is Seller Financing?
Seller financing is a loan that the seller provides to you so you can buy his or her home. It’s not as if the seller will hand you a lump sum of cash; instead, the seller will allow you to make payments while he or she continues to own the home.
How Does Seller Financing Work?
With seller financing, the terms of your agreement are between you and the seller—nobody else. Typically, though, the buyer will make a down payment to the seller and then make monthly installment payments until the loan is paid off.
You and the seller can agree to your own interest rate, too, and how much of each payment goes toward paying down interest.
Is Seller Financing Right for You?
It’s always a good idea to ask an attorney to look over any type of financial agreement you come to with a home seller. Your lawyer will be able to determine whether you’re getting a good deal—and whether the terms are favorable.
Are You Looking for Homes for Sale in Tampa’s Suburbs?
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Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.