An owner takes back a note in order to sell the property or sometimes does it as an investment. A note may result from a divorce settlement, or other similar legal actions. The note holder remains in control of the subject property debt instruments and, when the need arises, a certain lump sum of cash may be received for the entire outstanding balance on the note or a partial of a certain number of future payments, or a portion of each monthly payment, including the balloon(s) or a part of it (them). Different options can be compromised to cash out practically any note, including but not limited to simultaneous restructuring of the subject note or refinancing its balance.
We transact existing seller financed notes (first, second and wraparound)
in the secondary market, using standard procedure.
You
may fill out and submit note evaluation
forms. Our evaluation of your
note is.
We may also assist in origination of a seller financed note to sell the
subject or trade-in property and then to cash out this note for you.
In such case, we may facilitate a simultaneous closing, if it is possible.
We would share with you our considerations on how to structure or restructure
the note at the time of origination, or modification, or refinancing and
which terms to our opinion would be most suitable in your situation. Some
general information on this subject ishere
for you. This service is
Sometimes the real estate broker, builder or developer does not sell property quickly enough, because their potential buyers do not qualify for conventional financing. Sometimes the seller or buyer does not feel comfortable with the cost of financing or closing cost they have to compromise. Sometimes it takes forever to overcome the hassles of getting approval for a loan by a bank or a mortgage company. Sometimes the buyer cannot afford to make the required down payment. As a result, commission is delayed or the business slows down and in a worst case scenario the debt service clock starts ticking too loud.
You
may consider "seller carry back" financing as a possible solution ().
You
sell your single notes or portfolio of the same ().
To receive a conditional quote you may fill out and submit a Private Mortgage Data Sheet for each note.
Otherwise, you may be introduced to a long term Note
Portfolio Purchase Program.
We will expeditiously provide our conditional "net-to-seller" offer after you have submitted the above mentioned note evaluation forms . If you find this offer satisfactory, you will be expected to mail copies of primary documents and basic information related to the subject mortgage or portfolio.
On your approval of the proposed terms, we will arrange to sign a conditional mortgage purchase agreement.
We may decide to order an appraisal for the subject property, title and credit reports at our own expense.
We close (or simultaneously close) at to you within 7-10 days, subject to all necessary documentation and information being collected, reviewed and approved by the underwriter.
Generally, you will receive a certified check or money order at closing.
The mortgagor will be notified respectively as to where he or she shall
further mail payments and how these checks shall be made payable.
