Seller Carryback

[Nicholas Adams]

I have been researching different financing options and the seller carry back is one that I have come across that I am having some trouble understanding fully. Based on my understanding part of financing for the purchase price comes from the bank and part comes the owner.

So an example would be a 300,000 deal you borrow 60000 from the bank give that to the owner and they finance the remaining as a second mortgage.

Do I have the main idea, am I missing something, or am I completely off the mark?

Thanks for the help.