by Penn Henderson 
When a property has no underlying mortgage, or only a very small balance that could easily be paid off, the owner of the property (seller) could act as ‘the bank’ and extend financing to the buyer, where then the buyer would make monthly mortgage payments to the seller.
Seller Financing is fairly uncommon (especially during times of low-interest rates) since most sellers prefer to get the proceeds of the sale and avoid the potential risks involved.
