What does Seller Carry-Back mean?

A seller carry-back is a type of financing in which the seller of a property agrees to carry the financing for the buyer, rather than the buyer obtaining a loan from a traditional lender. This means that the seller acts as the lender and the buyer makes payments to the seller rather than a bank or other financial institution. This type of financing is often used when a buyer is unable to qualify for a traditional loan or when the property is considered to be non-conventional.

Related Terms

Special Deposit Account Greek Revival Style Manufactured Housing Fair Housing Act Seller's Market Awning Windows Ground Rent Trustee Waiver Field Changes Queen Anne Style Commission agreement Starter Home Tax Shelter Use (In a Lease) Fully Amortized Adjustable-Rate Mortgage ARM Settlement Equal Credit Opportunity Act.