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Financing Your Home >Owner Financing
If you are selling a house in which you have a lot of equity, and you
don't need that equity to buy a new home, an owner-financing agreement
may benefit you and your buyers.
Seller financing arrangements usually involve the buyers securing the
largest portion of their purchase money from a mortgage company and
getting a smaller second loan from the sellers. For example, they may
finance 75% from a lender, put in 15% from savings, and ask the sellers
to finance the remaining amount. The terms and interest rates on seller
carry-backs are negotiated on a case-by-case basis.
Sellers may be able to negotiate a note that provides a better return
on their money than 1-to-5 year CD's or treasury notes. They should
ensure that the note protects them to the fullest. Use common sense
when considering such a loan, and verify the buyers' income, credit
history, and job stability before making your final decision.
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| Q |
Which home is #1 on the Top 10 list for most-visited Historic Home in the United States?
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| A |
Graceland, the palatial home of Elvis Presley in Memphis, TN, attracts 600,000 visitors a year. |
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