Looking to purchase without the hassle of traditional credit checks, stacks of bank paperwork, & long wait times?
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Seller financing is the term used when the owner and/or one who has the right to sell the property decides to finance the property out. This is structured similar to how a bank loans out money to you, collateralizes the property with a mortgage, and you make payments to the one who financed it to you.
Basically, instead of getting your credit checked by Wells Fargo or Bank of America, you don't get credit pulls, and you make those payments to the property owner.
These opportunities are not as common as typical retail purchases that you see on Zillow and the other platforms. That dream home may still be behind qualifying for a bank loan but you may be able to find your footing of home ownership this way.
Be aware, almost all seller financing transactions still charge interest (most often higher than a bank rate), property tax escrow, and require insurance.
Live happy knowing that there are potential options for you to own property without the hassle of a bank. Be sure you're getting the Deed to a property if you're purchasing this way.