Yes, you read that right...free money.The explanation of this is a little long for this format, but I'll give you the highlights:1 - Because there is no collateral, when you flip the "cash like substance" (that's what I call it) through a deal, unlike a collateralized loan, you get the principal (this money) back...along with the profits.2 - ...to use again, and again, and again...3 - ...but you only payed for it one time.This is why I say, if you use (not spend) this money correctly, the initial cost is the ONLY COST...as in, you can have unlimited use...but only pay for it one time, and that one time initial cost is insignificant. 

No explanation on why it's taking so long.   

Participating in bidding wars (real or phantom) will result in you paying more than you should or could.It has been mentioned several times in this thread, but without explanation, that you should be "in control of the transaction" rather than an agent. basiclaly, to accomplish this, you need to have the seller agree to have your name added to the listing agreement which means that all "other offers" that come in, go to you and not an agent or to the lender.

They are very inspiring and actually very helpful in their quick side explanations for newbies such as myself.Also, I would be happy to hear all of your book selections.

I am so glad you asked this and John great explanation.  

Could you do a hypothetical explanation of it.

I could not believe how many documents, letters, explanations, and time they needed - and that's after having been through it before.  

JenkinsKurt offers a great explanation, and hits the major points.  

Hopefully, that makes sense but if it doesn't just google 2nd tier entitlement and there are probably better explanations out there. 

In my head I send my offer and terms in the same written letter, along with an explanation of the benefits of a seller financed deal for the seller, and the buyer.