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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.

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18y ago

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