shawnhquick

I agree 100%. I work with a company called Easy Private Mortgage. We help sellers sell their homes because we try to facilitate the funds for buyers who can't get a traditional bank loan. We work from the sellers side only because we create a seller financed note. The seller has the option to either carry that note, sell a partial of the note, or sell the entire note to our investors at closing. Of course the note is sold at a discount, and that depends entirly on many factors. Our investors also purchase individual notes and pools of notes. If anyone has any questions please feel free to contact me anytime. Shawn Quick 410-671-4569 www.yourezsale.com/quick

Dear Friend, Please look to the article that I've posted in the Real Estate/ Financing strategies section, topic: Creative Strategy To Buy, Sell property... Sincerely, Shawn Quick/Easy Private Mortgage www.yourezsale.com/quick

Creative Strategy to Buy/Sell Jumbo Residential Property (over $750K) Getting a Jumbo loan from a traditional lending institution can be extremely difficult. This is a creative strategy for those who cannot or do not desire to use a traditional bank to finance the purchase a property over $500K. My company purchases seller financed notes – and we can purchase those notes and mortgages literally at the closing table. This will only work for deals where the seller is willing to accept some amount below the true, appraised value because the seller financed note is bought at a discount, depending upon the payor’s credit, the down payment, the interest rate, etc. In our area, this isn’t a good option for the smaller deals because our market is so hot right now, if the buyer can’t get a traditional loan the seller can easily find another buyer in this market. BUT for the jumbo deals, and especially the super jumbo deals, this is a great tool to have. I always tell brokers and Realtors to always consider this strategy before lowering the price on a home. Instead, offer owner financing and then discount the note at closing. Everyone gets paid on the Sales Price (or the loan amount, in your case) as they normally would at the closing. It can be a win-win-win situation for all. Obviously, if you can get the buyer a traditional loan, that is usually the way to go because the seller will receive the entire amount in cash and not need to take a discount – unless the traditional loan has origination points. If so, then this strategy may even be a less expensive alternative. Usually however, this strategy is aimed at deals that cannot get done traditionally for one reason or another (self-employment, small down payment, can’t prove income/assets, etc.). For those types of situations, this may help you get to the closing table. For example, assume there is a beautiful estate for sale (we do these nationwide). The seller sets the sales price at $1.8 million, knowing that the homes in the neighborhood were selling for around $2 million and that his home was comparable. He offered owner financing and received numerous inquiries. One prospective buyer had good credit (700+) but only had $90K (5% of the price) in cash that she wanted to put down – AND she couldn’t prove her income. Most banks wanted her to come up with at least 20% in hard cash for this type of jumbo purchase. We could see from her credit report that she had a previous mortgage around a million dollars that she had been paying well on. She also showed us a trust account that had substantial cash so we felt comfortable. We set up a 2nd lien for $180,000 in order to get an 85% first lien. Both of those liens were set up as seller financed notes. We gave her an interest rate of 7% and put a 10-year balloon on it. We purchased the first lien from the seller at closing for 90% of the balance. So the seller received $1,377,000 for the first lien, plus $90,000 cash from the Buyer’s down payment, and the $180,000 2nd lien. This was great for this seller, because he was almost facing foreclosure. The buyer was happy because she got her dream home that she couldn’t have gotten otherwise. The Realtor was ecstatic because her commission was based on the 1.8 million sales price, and the mortgage broker who brought me the deal was happy because he still got his 1 point right on the HUD as a “due diligence” fee. Sorry to be so lengthy. I just wanted to let you know about this alternative. Feel free to visit my website or contact me anytime to discuss strategies. www.yourezsale.com/quick Or call me at 410-671-4569, to discuss further options. Shawn Quick/Easy Private Mortgage

Hey Guys, What about creating a seller financed note? The buyer has the option to either carry the mortgage or sell it at a discount to our investors at the closing table? The buyer gets the property, the seller gets the bulk of the $$ now, (and we all know the time value of $$) . Just posted a new topic on Creative Strategy to Buy, Sell, and Flip Property Shawn Quick/Easy Private Mortgage Contact me at 410-671-4569

Creative Strategy to Buy/Sell/Flip Property Using owner financing can be a great tool for those trying to buy properties and for those trying to sell properties quickly. Buyers can benefit because there are not special “hoops” to jump through and the closing process is usually much more simple. Also, they can purchase properties even when they normally could not (i.e., self-employment, low down payment, proving income, etc.) For sellers, offering owner financing can widen the pool of buyers and help to sell property quickly. The problem is most sellers don’t want to carry the note. They want cash to pay off existing liens and/or to purchase new property. We solve this problem . . . Sellers can easily set up owner financing for their buyer . . . and then sell the note at, or right after closing. All notes are always purchased at a discount depending upon the type of property, the note terms, and especially the buyer’s credit. So, again . . . if your buyer can get traditional financing, that’s usually the better alternative. But if not, we can help sellers structure the note to minimize the discount and get the cash they need at closing. Underlying liens and other payoffs are paid off from the funds right at the closing table. This strategy can also work for flippers whereby the flipper structures seller financing for his end buyer and we purchase the note from him. The funds are used to pay off the original seller and the difference goes to the flipper. The first thing everyone wants to know is how much the discount is. After all, that basically determines how much cash goes in the seller’s pocket. Like everything involving mortgages, the answer is dependent upon many variables (credit score of the buyer, down payment of buyer, LTV, interest rate, property use, etc.) But, to give you a rough idea of the payout, we try to structure new notes so that the seller ends up getting a purchase price of around 90% of the mortgage balance – plus the down payment from the buyer. So for example, if the purchase price was $110,000, the buyer puts down $5,500, and the seller financed mortgage was structured at $104,500, we would try to structure the note so that we would pay the seller about $94,050 (104,500 x .90) for that note. He would also receive the $5,500 down payment – for a total cash amount of $99,550, less his underlying liens and payoffs. The payout could be higher or lower depending upon the terms being more favorable of less, respectively. So . . . if the seller is willing to accept some amount below the appraised value, we can pretty much structure the deal so that the seller gets the total amount of cash he is expecting. We do that by increasing the Sales Price enough to cover the discount. As long as the property appraises for that final Sales Price value, this technique works. We also purchase individual and pools of notes, mortgages, deeds, and contract for deeds (land contracts). We are a principal investor of seller carry-back mortgages and trust deeds. We either purchase for our own portfolio or work directly with private investors. Shawn Quick/ Easy Private Mortgage # 410-671-4569