- Mortgage and promissory note: The process is similar to a traditional mortgage, but with the seller taking on the role of the bank. The buyer and seller negotiate the terms of the sale, including the purchase price, the down payment amount, the interest rate, and the payment schedule through a promissory note. The mortgage on the other hand ensure the debt is secured against the property which is offered as collateral. If the buyer defaults on the loan, the seller has the right to foreclose on the property and take possession of it to recover their money.
In summary, seller financing can be a viable option for selling a property, but it’s important to carefully consider all the factors involved and work with qualified professionals to ensure a successful transaction.
If you’re looking to sell your house fast in NJ through seller financing, we would like to discuss it in more detail. We could buy it as-is, in whatever condition it is, at the closing date of your choice. The best part is we do not depend on or wait for 3rd parties who have no interest in the deal other than earning a fee. We simply agree on the terms and then use a reputable title agency to transfer ownership and get you paid. Interested? Let’s talk.