Financed House Lend For Sale In Fulton
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FAQ
How Does Seller Financing Work? A bank isn't involved in a seller-financed sale; the buyer and seller make the arrangements themselves. They draw up a promissory note setting out the interest rate, the schedule of payments from buyer to seller, and the consequences should the buyer default on those obligations.
Most seller notes are characterized by a maturity term of around 3 to 7 years, with an interest rate ranging from 6% to 10%. Because of the fact that seller notes are unsecured debt instruments, the interest rate tends to be higher to reflect the greater risk.
There is a type of seller financing called a Land Contract where the seller actually maintains ownership and the buyer has an interest in the property while making payments to the seller. Once all payments are made, title is then transferred to the buyer.
