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Use Seller Financing

1. Minimal down-payment

Any other form of financing would require a percentage of the cost as a down payment. If the buyer can’t pay a large down payment, seller financing allows them to buy a house they otherwise couldn’t afford. The down-payment still does what it needs to do – it gives the seller some money upfront, and it ensures the agreement between the two parties.

2. Customizable monthly payments

Based on the down-payment, the buyer and seller can come to their own terms on the monthly payment. Since the seller is acting as the bank, the mortgage can be on terms the buyer and seller are okay with.

3. Purchase doesn’t affect your credit score

Whether the buyer plans to live in this house for decades or not, this deal will not affect later deals. Since there isn’t a bank involved in this process, the buyer and seller won’t be affected by it. So, as long as the deal goes okay, future purchases will not be based on this deal.

4. Flexibility in the purchase timeline

Since the bank is not involved, the buyer and seller have the freedom to create a full plan. There are some technicalities that will take time, but overall, the two parties can determine the sale and move-in dates.

5. Available options that banks can’t offer

Overall, if the buyer and seller can find common terms, the deal can be as unique and creative as the two want. The bank has a lot of formalities to abide by, that individual sellers and buyers don’t have to even consider. This can even include land contracts, lease-options, and long-term financing.