Occasionally, you will find a seller that is wiling to finance all or part of your purchase. The exact details of the financing can vary from seller to seller, depending on the situation of the seller and the buyer.
Buyers may look for owner financing for a variety of reasons, such as being self employed and not having sufficient documentation for a traditional loan.
Seller financing deals don't have as many closing costs, such as loan origination fees, discount points, and mortgage insurance premiums, among others.
Typically, these loans come with a short term and a balloon payment at the end of the term. At that point, the buyer, who now owns the property, will need to either pay the loan off in full or refinance with a traditional loan.
Below is a link to a list of properties in the Florida Keys that are offering possible seller financing.
Click here to view the properties.