Help With Owner Carry

Could someone explain owner-carry. I bring in a new first mortgage LTV (60%) of the purchase price and the seller carries back the balance as a second mortgage for the balance of their equity. I would find and end buyer (i.e. tenant-buyer or flip to another investor) and the option payment would cover some of the second or most of it? OR Would the Seller actually go to a lender and get a 2nd mortgage? Any help I would appreciate it. Thanks. Carol [ Edited by CarolG on Date 01/18/2005 ]