[quote=dd123]never heard about agreement of sale, what is this ?[/quote]
An Agreement of Sale is a contract between buyer and seller and does not involve the traditional mortgage lender. There are two closings, one when you initially put money down; you take possession of the property and make monthly payments, usually to a third party. The second closing happens three or four years later when you pay of the mortgage, usually through obtaining a loan via refinance. At that time you get title.
The benefit to the buyer is that if they cannot get a traditional loan, but hav income and a down then they can get into a home. The benefit for the seller is that this does not require an appraisal, if for any reason the buyer defaults, the home and all the money paid in remains with the seller. The retains title until the loan is paid off.
This is great for both parties, and if the seller was going to rent out the property anyway, then he can get a little more money up front and perhaps sell closer to the desired price.