OTHER MODIFIED FEATURES OF SELLER FINANCED METHODS.PART 1

This essay is a continuation of our effort,in the last essay posted entitled;Nigerian Real estate development,regulation,marketing strategy and transation process.part 1-5.We proposed seller financed stategy. This method however operates in tight credit market like Nigeria.It operates with five types of sellerfinancing option and below are the features;amortized over 30years period but with balloon payment due in five years;it is refinanced within that five years when buyers financial situation will have improved to either fully amortise the facility or qualify for refinance from traditional lender;sellers have no patience nor can wait for 30years for loan to be repaid whether it provides finance or not;avoid risk of credit extension;provides financing only when seller's own mortgage is paid off using buyer's downpayment;where the seller's own sizable mortgage still exist on the property,seller's own lender must agree to that transaction;secure the loan or promisory against the value of the estate estimated to worth at least $5m.This hedges against inability of the seller not being able to offer finance and the fear of defaults by buyer or fear of foreclosure by seller from the buyer.No downpayment or need to run credit check on the buyer,or possesion of asset once the plan is good;