The article discusses a novel approach to seller financing undertaken by a company called MORE, which aims to standardize and promote this method amid today's affordability crisis. With rising home prices and interest rates, more buyers are showing interest in alternative financing options. Leahy, a spokesperson for MORE, highlights the benefits for both sellers and buyers, indicating their target of high-end homes. The continued use of seller financing is reflected in the recent increase in transactions, particularly in states like Texas, suggesting a solid market niche for this financial model.
"We are the very first company in the country to standardize the seller financing process, put a wrapper around it, brand it and call it MORE..."
"Seller financing saw popularity in the 1980s and '90s when traditional interest rates soared. Today, Leahy sees a similar affordability crisis..."
"The model offers a short-term bridge loan typically around three years in length designed to give buyers time to refinance or secure permanent financing."
"Weâve done them as short as six months and as long as seven years. Itâs totally dependent upon the buyer and seller..."
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