Seller carry back mortgage is a kind of financing that is used for real estate investments. It is the choice of the seller to make a complete purchase or partial. A big percentage of the sellers prefer to finance ten to thirty per cent of the loan and want buyers to get traditional financing for the rest. BGK Investments, leading mortgage brokers in California, describe a few things that you should know about seller carry back mortgages:
- It is a great option for those buyers who do not have perfect credit. Normally, buyers have to pay the sellers an amount or down payment towards the purchase of property. Then the buyer has to make payments monthly or in accordance with the agreement till the note is paid in full.
- The seller turns to be the second mortgage holder, if the buyer takes financing for the part of the loan. And if the buyer turns out to be delinquent on the mortgage note and the property goes down into the foreclosure, it is the seller who runs the risk.
- A seller carry back agreement usually lasts for three to five years. It lets the buyer to eradicate negative reporting on the credit record and give a proof of timely payments to the buyer.
- Moreover, sellers are even allowed to charge interest on seller carry back mortgages.
If you are searching for the real estate solutions for buyers and sellers then BGK Investments is there to facilitate you and to provide you the proper guideline. So, what are you waiting for, contact BGK Investments for seller carry back mortgages and get the best services.