What is private financing?
Private Financing is when a Seller lends his own money to his perspective Buyer in a form of a mortgage/note, sell his own property. The Seller acts like a Bank ex. CHASE, Bank of America, Wells Fargo, Citibank, etc… He loans the money with terms similar to a standard mortgage that is secured by the property.
In today’s economy many Sellers may have substantial equity in their property and often have the ability to offer private financing. In a world where it seems to be getting harder and more expensive to obtain conventional lender financing this may be a solution. Borrowers can save thousands of dollars and avoids the rigid process of being approved by the bank and inturn Seller can successfully sell their home.
Why would a seller offer private financing when selling?
A higher price, a good return on your money, a faster sale, the ability to sell a property that is otherwise difficult to sell, or selling the property to a buyer who is unable to secure financing. The Stein Law Firm has years of experience in assisting Sellers in preparation of the necessary security agreements and other applicable documents required to complete a transaction with private financing.