Closely related to and more beneficial than the seller-second mortgage discussed above is a full seller financing.
If the seller is willing, the buyer can arrange to purchase the property with the seller carrying the entire mortgage, usually in the form of a balloon loan. After 12 months of seasoning, and sometimes even sooner than that, the buyer can then refinance the seller's mortgage with a new, conventional mortgage loan.
The seller gets the proceeds; the buyer is able to purchase the property with practically no down payment. For more information, please consult the "Seller Financing Options" article.
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