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Owner financing is a form of financing most often used in real estate transactions. In this type of financing option, the purchase will be financed directly through the person selling their property. This type of financing may be used if they buyer is unable to acquire traditional financing, such as a mortgage or loan.
Owner financing is typically rare, as most sellers do not want to carry the financing for the buyer. However, it may be an option if the seller is having trouble selling their property, or if they want or need to sell it quickly. If this is the case, the seller may be open to more financing options, including owner financing.
Owner financing should always involve extensive documentation and a legal document between the two parties. This ensures that both parties are protected, even though a financial organization is not providing a loan.
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