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The Complete Idiot's Guide to Buying a Home by Peter Richmond

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Chapter 7
Nontraditional Financing
In This Chapter
• Seller financing options
• Advantages and disadvantages of seller incentives
• Using a reverse mortgage to buy a home
• When you should walk away from a bad loan
As an incentive to move the sale of his home forward, a seller will sometimes indicate he is willing to carry back a mortgage, which means the seller will hold the mortgage and you’ll pay him. He can do this for all or part of your mortgage. Why does a seller do this when he is actually trying to sell you the home? It’s simple. A seller offers seller financing because he wants to obtain the price he wants for the home, by giving you a lower-than-market interest rate in exchange for a higher price, or he may want to earn some extra income. ...

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