What is seller carryback financing in real estate?

[Good-Person]

There are many people who may be willing to buy a property. However, they may need to find a financier in order to purchase the property. The seller carryback financing can help buyers find the right kind of financier. So, what are some advantages of such kind of financiers?

 

[Dice]

Seller carryback financing in real estate is like a situation where the person selling the property also acts as the lender for the buyer. Instead of the buyer getting a mortgage from a bank, the seller extends a loan to the buyer to help them purchase the property. This can be beneficial for buyers who might have trouble getting a traditional mortgage or want more flexible terms. It's an agreement where the seller receives payments from the buyer over time, including interest, until the loan is paid off.

 

[Kane]

I am not familiar with the term seller carryback financing, perhaps because this concept is not popular here, or does not exist here. In our country, you can buy property in two ways, one, with your own money, and two through a loan. When you are buying through a loan, you can either use the property you are buying a a collateral or provide another property as a colleteral.