Simultaneous Closing, Current Situation, Real Estate current situation,  We Buy Seller Financed Notes Nationwide offering top dollars. 1-856-751-8254

How does the current real estate situation affect your simultaneous closing transaction?
 

Since the bottom fell out of the real estate market, we are taking a much more careful approach to all Simultaneous Closings transactions.


These are some of the factors that are affecting Simultaneous Closings right now :

• There are too many properties foreclosed and too many large institutions and private investors trying to get rid of their real estate.

• There is a general Credit Crunch in the market. Credit is much more difficult and more expensive to obtain these days.

• There is too little cash available in our financial system to purchase private notes.

• Real estate values have deteriorated across the country and foreclosures have increased to an alarming rate to the point that the government is considering bailing some owners out.

• Even large banks got caught with large portfolios of non-performing notes or real-estate secured instruments and the government is trying to bail them out.

• The squeeze in the stock market has created a situation where people (including investors) are feeling poorer and not too inclined to get into new or risky investments. Real Estate would be considered a risky investment at this point.

• There is no such a thing as preferential treatment in a global situation where even large institutions are collapsing and/or need government bailout.

How your Simultaneous Closing transactions are affected 

A couple of years ago, we were saying that that was the perfect time to sell your private mortgage note. Unfortunately, we were right and realistically the value of private mortgage notes of all types has decreased considerably with no end to this in sight.

This is how your simultaneous closing transactions are affected right now :

• We'll offer you the best there is to offer in the current market, but you need to lower your expectations if you really want to do a Simultaneous Closing.

• There may be a lag between the closing of a real estate transaction and the purchase of the note by us. We would let you know beforehand if that will be the case.

• In some cases, seasoning of the note may be required, specially if the transaction does not entirely fit our criteria (see criteria sub-heading below).

• In some cases, you may need to take back a second mortgage (see criteria sub-heading below).

We have to emphasize that this is not the best time to do a Simultaneous Closing for a property seller. Do it only if you don't have other options and you have or need to get rid of your real estate property for cash.

You have to make a decision :

• Try to sell your property through conventional channels (i.e. realtors, banks, mortgage companies) in the current global financial situation.

• Do a Simultaneous Closing and sell your note in the current market for cash at a fair discount, or

• Keep your real estate (or note) and weather the current financial storm, considering the bleak market outlook.

Our Current Criteria / Requirements

Due to the current market situation, we've had to adjust our criteria to purchase Simultaneous Closing notes. We are now only taking the following types of deals :

• Principals (Property Owners) only. We'll deal with attorneys or trustees, but no brokers or intermediaries.

• Minimum Note value of $50,000. (Or packages of Notes totaling $50,000)

• A complete online form filled out with all the information available.

• To maximize your payout, be prepared to ask for 20% down (for the R/E property)and a buyer's credit of 680+.

• Anything less than this may be feasible, but would require you taking back a 2nd mortgage, a bigger discount and may require 'seasoning' of the note.

• Have available to submit by fax (or pdf attachment by email, preferably) upon request:
  - current property appraisal, if available.
  - 30-day current tri-merge credit record of buyer, if available.
  - completed, signed & dated 1003 loan application form.

We want to emphasize the word current, because property values and buyer's credit information can change very quickly these days and our quote will be subject to verification of both.

Once we receive the online form, if interested, we'll make contact, possibly request more
information and prepare a quote. If you accept it, we can move quickly.

If you have any questions, we would prefer to be contacted by email or contact form. If you call us, chances are you'll have to leave a message. We will give priority to returning
calls to people that have filled out the online form.

Thanks for your understanding.