Seller's carry-back how do I make deal work

bclimes · Joined: 06 Feb 2007 Posts: 4 2.61 Dollars($)

Buying a House for 114,000 with sellers carry -back, how do I make this deal work?

Visionary

Guest 0.10 Dollars($)

What terms the seller has agreed to? Seller carry back will be appropriate or not will largely depend on that.

blue · Posted: Tue Feb 06, 2007 5:45 pm Post subject:

Hi Bclimes,

Welcome to Mortgagefit Discussion board.

With a seller carry back you will have to make a specified down payment and overall it would cost you less than any conventional financing as there are no loan fees charged by a seller.

You can go through this page for more information on this topic - http://www.mortgagefit.com/owner-financing.html

Thanks
Blue

sara

Hi Bclimes,

Welcome to the forums.

Discuss with the seller on the down payment that you will have to make. Ask him about the interest rate and monthly payment required to pay off the loan.

When you go for seller carry-back financing, you'll be given a Contract for Deed Purchase Agreement. It is the document on which you agree in writing to purchase the house at a fixed sale price and down payment.

Read the Contract for Deed carefully and then sign on the papers. Until and unless you clear all payments, the deed and hence ownership rights to the property will not be handed over to you.

You can check out important details on Seller carry-back financing from previous community discussions.

Thanks,

Sara

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