Moving forward with buying a home in New York involves a lot of consideration and work. In some cases, financial issues can hold someone back from completing a real estate transaction, and in other cases, support from the seller may put a prospective buy on alert. This type of situation is not uncommon when an owner offers seller financing.
Seller financing is fairly self-explanatory. In these cases, the person selling the property will finance the mortgage for the buyer rather than having the buyer obtain a mortgage loan from a bank or other lender. This type of agreement can prove useful to individuals who may not have the ability to receive a loan from a financial entity, but it could come with its drawbacks as well.
If a seller offers financing, it could mean that he or she is trying to hide issues with the home or better meet another personal agenda. Fortunately, buyers can work to protect themselves in situations where they do choose to accept seller financing. For instance, it may be wise to require the seller to allow home inspections from professionals the buyer chooses.
In cases that involve seller financing or when dealing with any type of real estate transaction, it is wise to obtain professional help throughout the process. In particular, New York real estate attorneys can help ensure that the terms of seller financing agreements are upstanding and help prospective buyers understand other important factors to consider. These legal professionals can also come in handy should a dispute regarding the sale arise.