What Can a Residential Mortgage Note Buyer Do For You?
What Can a Residential Mortgage Note Buyer Do For You
?It seems like there are so many different professionals involved in a real estate transaction. You may work with a real estate agent to list your property, and may hire a separate professional to stage your home for optimal results. There likely will be a property inspector and an appraiser involved in the transaction, as well as a title agent and possibly even a real estate attorney. Your property buyer will also have a mortgage broker and lender as well. There are certain scenarios that may involve the need to work with a residential mortgage note buyer as well.
So what can a residential mortgage note buyer do for you? Most real estate transactions will follow a typical path, with the buyer obtaining financing from a bank. There are other real estate transactions that will take some creative thinking and flexibility to get done, and often these involve the seller carrying a loan for the buyer. This loan may be in either first or second position, and is often critical for helping the buyer get the funds necessary to close on the property. Sometimes, a seller may not be agreeable to this sort of creative structuring, but in today's economy, more and more sellers are doing whatever is necessary to get their property sold.
While a seller may feel obligated to carry a loan in first or second position for a buyer, the seller doesn't want to be locked into a long term commitment to service the loan for the buyer. A mortgage note buyer will buy the loan from the seller, offering him or her a lump sum of cash. So while the seller may need to hold the note on a temporary basis to get the deal done, this doesn't have to be a long term commitment when you make use of a cash offer from a loan buyer.