Is there a difference between the definition of a private mortgage note and a seller financed note? Better yet, does it even matter? A recent subscriber's questions are answered. "I am getting confused with - what is a private mortgage note and a seller finance note. They both seem the same. A private mortgage note is a note that someone is holding on what was sold. A … [Read more...] about Can You Please Define Private Mortgage Notes?
contract for deed
A Land Contract is a type of owner financing that allows the buyer to make payments to the seller for a home or land purchase. The buyer gets to use the property but the seller hangs onto official title until paid in full. The contract comes under several names including Real Estate Contract, Contract for Deed, Installment Sale, and Land Contract. It is an alternative way to … [Read more...] about What is a Land Contract?
Great news! The IRS has specifically answered "YES" to this question. It seemed pretty straight forward that owner financed transactions involving a deed to the buyer and a note and mortgage (or deed of trust) back to the seller would let qualified buyers take the First Time $8,000 Homebuyer Credit. However, some wondered if … [Read more...] about Does Seller Financing Qualify for the $8,000 First Time Homebuyer Tax Credit?