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FAQ, Simultaneous Closing FAQ, Seller Financing FAQ, Nationwide Note Buyers offering
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FAQ ( Frequently Asked Questions )
What is Simultaneous Closing ?
How
much should I expect for my note ?
How long
does it take to close?
How do I
receive my money?
How long does it take to get my money?
Who pays the
closing costs?
Is there a maximum or minimum size note that you
buy?
Is
Simultaneous Closing for everybody ?
Who benefits the most from simultaneous closing ?
Do you lend money?
Do
you charge for providing a quote ?
I知 concerned about confidentiality, what shall I do
?
Do you buy bank
portfolios ?
How can I make sure that I知 getting a fair price
for my note?
What is a wraparound mortgage and can I use it to sell
property?
Do you buy
Business Notes ?
Do you buy REOs ?
Do you buy
Mortgage Notes ?
What if I need a little more background in selling my house
using simultaneous closings?
What is
Simultaneous Closing ?
In a
nutshell, it is a technique where a property owner
sells his/her property on seller financing to a
buyer, while selling the brand new mortgage note to
an investor like us. To get more details and review
an example, please visit
this page
How
much should I expect for my note ?
There are
many variables that we consider before giving you a
quote. Everything else being equal, the credit of
the buyer (payer) is critical to determine how much
we offer for the simultaneous closing note. For
other factors that affect the value of notes in
general, please visit our notesbuyers.com website
here. You can also
email us, give us a
call or fill out the
quote request form. You will
get our best quote.
How long
does it take to close?
For a
Simultaneous Closing, there are
two simultaneous transactions happening. The real
estate transaction between the seller and the buyer is beyond our control. The
note purchase transaction generally takes 2-3 weeks to close from the time we receive all the required documents.
How do I
receive my money?
Upon
closing, money is usually wired directly to the
escrow company/title agency for disbursement.
How
long does it take to get my money?
Your money
will be sent upon closing or shortly after. Remember
that it generally takes 2-3 weeks to close the note
purchase.
Who pays the
closing costs?
In a
Simultaneous Closing deal, the closing costs are
associated with the real estate transaction and are
usually paid by the property seller.
Is there a maximum or minimum size note that you
buy?
There is
no maximum. Generally we prefer that the note be a
minimum of $40,000, however we look at each note on
a case by case basis.
Is
Simultaneous Closing for everybody ?
If there are
plenty of potential qualified buyers for your property and
there is enough time for a regular mortgage application
process through a financial institution, then that would be
your best option. If, on the other hand, buyers don't seem
to line up at your door and you want to cash out on your
property quickly, Simultaneous Closing is one of the best
options.
First of all, a
seller financing ad in the paper will attract more buyers.
Second, we are
more flexible qualifying applicants than financial
institutions.
Third, you can get
cash in 2-3 weeks.
Who benefits the most from simultaneous closing ?
Property owners
that have unsuccessfully tried to sell their properties for
a while.
Properties with
odd shapes, non-conforming lots that don't generate much
interest.
Property owners
that want to get cash quickly.
Deals that have
been turned down at the last minute by financial
institutions and are just waiting for financing to come
through.
If you are in one
of these categories, you need to talk to us.
Email us, give us a
call or fill out the
quote request form.
Do you lend money?
No, we do
not lend money. We purchase already existing notes
secured by real estate.
Do
you charge for providing a quote ?
Providing
a quote is completely free. You can call us anytime
toll-free at 1-877-243-0684,
contact us or fill out
the online
quote request form.
I知 concerned about confidentiality, what shall I do
?
You should
always be concerned about confidentiality. Your
private financial information should be kept
private.
We do
business with large financial institutions and
organizations that entrust us with very delicate
information. Please read our
Privacy Policy.
Do you buy bank
portfolios ?
We buy
portfolios of notes from large financial
institutions, performing and non-performing.
How can I make sure that I知 getting a fair price
for my note?
Unlike the
primary mortgage market (mortgage companies and
banks) where you know exactly the interest rate and
costs involved, the secondary market (that痴 us)
sets the offers based on a different set of rules.
Due to the high risk involved with these
transactions, there is always a discount on the face
value of the mortgage. The size of the discount will
depend on a variety of factors, most of whom are
described
here. Rest assured that we will make the
best offer we can give you.
What is a wraparound mortgage and can I use it to
sell property?
If the
property seller still owes money on the home, a wraparound
mortgage is a way to finance the purchase without going
through a lender.
In a wraparound mortgage, the buyer pays
the seller the monthly payment on his existing mortgage,
plus an additional payment to cover the balance of the
buyer's purchase price for the home.
Some lenders don't
allow their mortgages to be wrapped.
In a Simultaneous
Closing transaction, a wraparound can be created and sold
for cash to a note buyer on closing. This would allow the
underlying mortgage balance to be paid off.
Do you buy
Business Notes ?
At this
time we do not buy business notes.
Do you buy REOs ?
Although
it痴 not our main line of business, we occasionally
purchase REOs. We look for high value properties and
portfolios.
Do you buy
Mortgage Notes ?
Yes. We
actively buy existing mortgage notes.
Please visit our website
NotesBuyers.com to
get more information.
What if I need a little more background in selling my house
using simultaneous closings?
If after browsing this website and
registering to obtain your free Report, you feel that
you still need more background information in selling your
house using simultaneous closings, you have the option to
purchase our e-book
'Simultaneous Closings Revealed'. It will guide you
through this process, step by step, advising you on how to
maximize your profit while minimizing your risks. |
