What creative seller financing packages have you seen?

Looking to get ideas of how sellers in our market are assisting buyers buy providing financing and in what terms.
In Market Conditions - Asked by Joe D. - Sep 15, 2011
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Jay Z.
Phoenix, AZ

Nothing similar to the contortions done in 1981-1983 when interest rates were 13%.
Mostly seller carrybacks. Buyer puts down 5-10% and the seller accepts payments for 3-5 years. This brings up the age-old problem of why the buyer can not get a loan today but will be able to get a loan in 3 years. This involves a lot of wishful thinking.
Lease/Purchases where the title does not convey but the buyer is supposed to be more involved since she will someday be the owner. Same problem as above. Also brings up the problem of eviction since the tenant has an ownership interest in the property ( equitable title).
The most creative are the sales which "wrap" an existing mortgage. The buyer takes over the payments without notifying the lender (since the lender would never approve the sale if contacted). The seller gets some cash at closing and keeps his fingers crossed.
We are not seeing nearly the number of "creative" sales as might be expected in a down economy. Mainly because the properties are overmortgaged. And it is hard for a buyer to explain why they can't complete a regular purchase when interest rates are at an historic low.

Sep 16, 2011
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