"Some Lower Manhattan condo owners who are hot to sell their property are turning to an unconventional strategy in the face of a faltering economy: The sellers are loaning the buyers the money to make the purchase. Esther Muller, who consults for City Realty, said the credit crunch has made it much harder for buyers to get loans from banks, so sellers who don't want to lose the deal are financing the loan themselves. She has heard of several such cases Downtown." [Downtown Express]
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