Such loans are generally fixed rate with payments
based on a 30 year fixed amortization but due and payable in from
five years to seven years.
Because most loans now have due on sale clauses,
seller carryback financing is limited to situations where the
property is owned by the seller free of loans, where the lender will
agree to a loan assumption, where the existing loan does not have a
due on sale clause, or where the seller will hold a secondary loan
after the buyer obtains primary
financing.
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