Owner Financed Mortgage Buyer
Funding for: Divorce Liens, Bankruptcy, Probate
, Real Estate Notes, and Annuities
We are direct note investors for your owner Financed Mortgage note. Whether it is a land contract or owner financed first mortgage note, we require that your email us your settlement statement and seller financed note in PDF or Word format.
Installment sales agreements/ land contract (aka "contract for deed/sale") is a contract between a seller and buyer of real property, in which the seller provides seller-financing to sell the property for an agreed-upon purchase price, and the buyer repays the seller-financed loan (Note) in mortgage payments. Under a contract for sale, the seller retains the Legal Title to the property, while permitting the Buyer to take possession of it for most purposes, other than legal ownership. The Sale Price is typically paid in periodic installments, often with a Balloon Payment at the end, in order to make the timelength of payments shorter than a corresponding fully amortized loan, without a final balloon payment. When the Full Purchase Price has been paid, including any interest, the Seller is then obligated to convey Legal Title to the property to the Buyer. An initial Cash Down Payment from the Buyer to the Seller is, usually, also required by a land contract. The legal status of these type of contracts varies from state to state. However, the Buyer in these types of contracts will have a copy of the land contract, or memorandum of sale, recorded in the County Recorder's Office where the property is located in order to protect his/her financial and future ownership interest in the property, until the Legal Title is conveyed. Since the contract specifies the sale of a specific item of real estate between a Seller and Buyer, a contract for sale can be considered a special type of real estate contract. In the usual, conventional real estate contract, the Seller does not specify a loan nor include provisions for a loan from a "third party" lender (i.e., a financial institution). Such (loan) provision is placed into a conventional contract as a "contingency" by the Buyer. When Third Party Financial Lenders are involved...FHA / FANNIE MAE / FREDDIE MAC...typically a Lien called a Mortgage is placed on the property so that the value of the property is used as collateral until the bank loan is paid in full. . After the Purchase & Close, we take over the Land Contract.
Your Options...From Weakest -to- Strongest: Lease Lease, with Option to Buy Contract for Sale (or Contract for Deed) Straight Sale, with Seller Financing Straight Sale, via FHA .
We don't buy newly created or relatively new Seller-Financed Notes unless there has been 12 months of prior ownership by the property seller PRIOR to the current re-sale. I will require that: (1) Buyer must obtain a Grant or Warranty Deed to the home; (2) Buyer has, indeed, moved into the house. The purchase of the home by the Buyer must have gone through an escrow/title insurance company. And the Note Seller must obtain a Title Insurance Policy on the Note; which will be Endorsed to us via a 104.1 Endorsement. Here is what I expect from the Note Seller on NEW NOTES: 1) Purchase & Sale Agreement, with Seller Financing Addendum, between Property Seller and the Buyer of the home. 2) 1003 Residential Loan Application, completely filled out by the Buyer. 3) Buyer's cash down payment must be ten (10%) percent. 4) Buyer's Credit Score must be 625, or higher. 5) Property Appraisal of the home must support the Sales Price. 6) Credit Report/File on the Buyer. The Promissory Note should be Fully Amortized over 30-years; with an Interest Rate anywhere between 6% and 10%; and a Balloon Due Date of five (5) years from the date of closing. Monthly Payments to include P & I. The Mortgage Instrument securing the Note is recorded with the County Recorder's Office, prior to our Note aquisition. [The Note Holder must have possession of the Note; secured by a recorded Mortgage Instrument; and Title Insurance on the Note] The Discounted Purchase Price of any Note will be determined by the Buyer's Credit Score; Buyer's Cash Down Payment; Property Location; Property Type and Appraisal. States: Texas, Georgia, North Carolina, South Carolina, Oregon, Tennessee, Virginia, Washington, Idaho, Kansas, Massachusetts, Missouri, Florida, New York, New Hampshire, Rhode Island, Maine, Kentucky, Alabama, Oklahoma, Nebraska, Colorado, New Mexico. Avoid These States: California, Arizona, Nevada, Michigan, Vermont, New Jersey
Owner Financed Mortgage Buyer
By: Dennis Andrew
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