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| Seller Financing |
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"Seller Financing a debt instrument taken back by the seller as part of the purchase price for a property. Such financing is used as an inducement to a sale when normal third-party financing is expensive or unavailable and in situations where the existing, first-lien loan may be assumed by the
buyer but the difference between the existing debt and the sales price exceeds the cash resources of the buyer. Seller financing may be in the form of a senior mortgage or a junior mortgage." |
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