We want to buy a 2nd home that is a fixer and it cannot be occupied in current condition (home is sold as is). Will not qualify for conventional or FHA financing but seller financing is available according to the agent. What is seller financing? What are my option to buy this house besides paying cash or seller financing (whatever that is)?
Want to buy a fixer secondary home.?
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Seller financing is that the seller becomes your lender and you pay the seller. If you fail to pay the seller, then the seller can foreclose.
If you want to flip it, you can also tie up the property with an assignable buy option contract which will allow you a period of time to buy the property at a set price for a non-refunable option payment (like 100 dollars). Then during that time you make the necessary repairs and/or upgrades then assign it to a retail buyer who pays off the first seller and gives you the difference in your buy price.