What is a “vendor take back mortgage” and how does it work?

Question by Independent_guy: What is a “vendor take back mortgage” and how does it work?
THANKS.

Best answer:

Answer by golferwhoworks
the seller is holding a mortgage. It is commonly used in land contracts or contract for deed where a buyer cannot buy under normal credit or capacity lines. It can also be a seller held second in order for a buyer to get 100% ffinancing

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Tags: Contract for Deed, Land Contracts, Vendor Take Back Mortgage