Understanding Vendor Finance Law For Property
While the property is traditionally purchased by taking out a mortgage with a bank, you can also use vendor finance to skip the bank application process and secure your next property. Often referred to as “seller finance”, vendor finance is an alternative way to achieve homeownership without having to take out a mortgage with a traditional lender. Vendor finance also refers to ways in which you can start owning and paying off your home even if you have poor credit or employment history or you’re unable to qualify for a traditional home loan for any other reason. Vendor Finance is finance offered by a seller (a Vendor) to finance the sale of goods, services, or real estate to a buyer (a Purchaser). Most commonly, sellers offer “terms” to Purchasers to pay “some now, some later”. The “some now” is a deposit, the “some later” is an arrangement to pay the balance price of the price by installments . The Power of Vendor Finance Found a property you want ...