Posted by Michael Morrongiello on March 31, 2000 at 13:36:11:
An owner may be more stringent than a bank of less stringent than a banks requirements. Most times they will be far easier to work with.
The terms can also be more flexible, interest rates, amortization term, assumability, DOS clause options, balloons or no balloons, staggered interest rates etc. all can be freely negotiated into the seller financed loan. A bank typically offers “off the rack” terms with limits in their flexibilty.
Michael Morrongiello