answersLogoWhite

0


Best Answer

A seller carry back is, in essence, a second mortgage. However, it is payable to the seller of a house instead of the bank. Here's how it works: A buyer wants to purchase a house, but doesn't have the down payment that they need to qualify for the mortgage. So, a seller may offer to hold a note in the amount that they need. For instance, if you are selling your house for $100,000 and the buyer only qualifies for $85,000, you may hold a "carry back" for $15,000. The buyers will then make payments to you and the bank until they refinance and pay you off.

User Avatar

Wiki User

17y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is seller carry back?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

If you sell your business but part of the sale involves a carry back loan by the seller for several years is the seller responsible for paying the commission for that portion to the broker?

The seller is responsible for all of the real estate commission regardless of whether the transaction involves carrybacks. Regardless of the financing, the seller is always responsible for the realtor fees.


How much can a flatbed carry?

Ask the seller u idiot


Can you get your money back on a used car that has a warranty?

Probably so. Drive the car to the seller and tender it [give it] back to the seller, then demand your money back. If the seller refused to refund your money, sue the seller for the purchase price, using the warranty as your legal proof that you are entitled to your money back.


What is return sales?

When the sold items are returned back to the seller by the customer then, it is Sales Return for the seller.


Was The Call of the Wild a best seller book?

They didn't have best seller lists back then, but it was a very popular book.


Can you take your used car back?

If that used car is under a warranty or a time line offered by the seller, then you can take it back to the seller. Not if you do not have any agreement. Sale is fine.


Can a seller back out of an absolute auction?

No its a crime for which you can go to jail.


Can't send an email to a seller on Craigslist and sending it to the sale email is unsendable?

i can't send email back to seller on craigslist


When was Carry Back Stakes created?

Carry Back Stakes was created in 1975.


Did Pocahontas carry a baby on her back?

yes she actually did carry her baby on her back


Why would a seller make a sale to a buyer that has no money the seller can use?

The seller can use other means to recap the money. Countertrade can be used to provide back a means of paying for the original goods.


Can a seller back out of an auction on eBay?

A seller can back out for many reasons. Some reasons but not limited too:  Error in listing  Lost or broken item  The item is no longer for sale If you're a buyer and your not getting what you wanted please keep in mind that accidents and honest mistakes do happen. The buyer should get a refund from a seller that had to back out of a sale.