The phrase refers to condominium properties in a person’s vicinity that are offered with a financing arrangement directly from the seller, rather than a traditional mortgage lender. For example, an individual seeking to purchase a condo might find a listing where the current owner agrees to provide the loan for the property. This differs from conventional real estate transactions that involve banks or credit unions.
This type of financing can be a crucial avenue for potential buyers who may face difficulties securing traditional mortgages due to credit history, income constraints, or other factors. It can also benefit sellers by expanding the pool of potential buyers and potentially fetching a higher sale price or a more favorable return on investment. Historically, seller financing has served as a flexible alternative in real estate markets, particularly during periods of tight credit or economic downturns.
