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The Real Estate Broads of New York

May 5, 2022

You’ve listed an investment property and a buyer asks about creative financing. You make tons of money but you really don’t qualify for a mortgage with a bank because you don’t show everything you make. You want to get creative on the deal and make it work for you as the buyer so you ask about seller financing and the broker says…what??? Today we are talking about seller financing. What it is and what the possible scenarios are when it comes up.

Sounds too good to be true. Your bank won’t lend to you but the seller will, what’s the catch? You can actually buy that dream home you finally found but be sure to read the fine print. Most owner financing will come with a higher interest rate to compensate for the extra risk that a seller will take on (not to mention the opportunity cost of not having those funds upfront). It is, however, another creative way to purchase a home if all the normal financing ducks don’t line up for you.

When you think there are no more options to finance your dream home, seller financing may be the ticket. There are many variables to consider should you want to explore this option but it is most important to speak with an attorney and accountant to make sure this financing tool is right for you. The rate you are quoted by the seller will be higher but it may be the best option for you to own a home you love.

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