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Real Estate
Eileen M. Day REALTOR
SELLER TAKE-BACKS
Sometimes, the only roadblock to completing a sale is the inability of the buyer to come up with all of the required deposit money. One potential source of financial help for the buyer could be the seller. When sellers create loans that reduce down payment requirements, their homes are more salable.
One strategy might work like this: The buyer puts down 10% and the seller "takes back" (lends to the buyer) an amount equal to 10% of the purchase price. The balance of the down payment money comes from the bank, who offers 80% of the financing.
This strategy can also be attractive to the seller who may negotiate a somewhat higher interest rate loan secured by the old home. It might allow the seller to make an investment deal that would not otherwise be possible.
Seller financing is not always workable. Many sellers need all the money from the sale to buy another home or for other purposes.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, REALTOR, the Clopton House, Washington, Va., 22747. Phone 6753033, We re here to help.
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