What does Seller Take-Back mean?

A seller take-back is a type of financing in which the seller of a property agrees to provide financing to 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

Cash-Out Refinance Facade Effective Age Credit Union Legal Description Installment Contract Possession Power of Attorney Chattel Mortgage Quit-Claim Deed Buy-Down Mortgage Procurement of Supplies / Services Borough Freddie Mac Balance Sheet Bequest Cpi and Market Rent Escalation (In a Lease) REALTOR