Luckily, there are ways around the bank, one of which is seller financing, a process that makes the seller also the lender.
But if he had to turn to the bank, it would have decreased the property's net profit because of high interest rates.
Seller financing isn't common, though it is a more alluring choice when interest rates rise.
"People don't think of the strategy because so many people have been used to the low interest rates.
When offering an interest rate, start low because it's likely the seller will counter but not low enough that it insults them.
Persons:
Matthew Tortoriello, Tortoriello, They've, Chris Gerbig, who's, they'll, Shmuel Shayowitz, Shayowitz
Organizations:
Public
Locations:
Holyoke , Massachusetts, Chicopee , Massachusetts