New Notes

[EQUITY NOTES 0]

Hi All,

 

I was wondering if any of you have completed a simo closing

 

When I mention this to property sellers the question always comes up

 

#!. who sets up my carryback mortgage and note

( i have been told it should not be structured by a note broker unless you have a license)

 

As soon as you tell a seller to have an attorney set up the mortgage & note it never happens.

 

Just wondering how some of you deal with this issue, as seasoned notes are like looking for a neddle in a haystack and most are not wanted by funding sources

 

I have not been able to to do simo deals because of the issue of structuring a deal without a license

 

Any advise appreciated

 

Thanks

Tom

[4Rmgt 0]

Right a note broker can only give quotes on what the value of the note will be once created. You can give all sorts of resource son where to find the correct documents, etc. But a broker can only buy a note that is only created.

 

If the note buyer/broker creates the note, then essentially they are being a lender and can get fishy. So you can provide the seller with all types of forms, documents, etc. Ever notice how the buyer provides the contracts? Why not the seller finance forms. You are making the offer, right?

 

If you want to know all there is to know about utilizing seller financing as a great tool in investing, come check out Eddie Speed in Chicago on June 17th.

 

His bio can be found here http://www.wcrt.org/?Link=wealth

[shawnhquick 0]

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

[SaveHomeFromForeclosure 0]

You could have a bunch of forms stamped "SAMPLE COPY" that somehow makes to the Realtor®, buyer, or sellers hand. Where they would have to fill in what they had agreed on. As long as you, as a note finder/broker, don't provide, fill out, o rmake stipulations (you can make suggestions as to what it would convince you to buy the note), and don't guide the process, then you are probably ok.

 

The answer to question #1-- If you are the investor buyer, then when the seller asks who is going to set up the carryback mortgage and note, your answer shoud be "I'll take care of that. We'll agree to the terms and I'll prepare it. I'll show it to you and then you tell me if you agree." Always suggest to them at some points, that if they want to have it reviewed by their CPA or attorney to please do..

 

If you are the investor seller, and you have decided to offer seller financing, then YOU DO IT. In other words, always be in control.

 

It is possible that I may perhaps have my possesion a pro-buyer note and a pro-seller note. I would probably be more inclined to buy at closing the pro-seller note than the pro-buyer note.

 

If I am the buyer and I know the owner wants to cash out the note at closing, I could use more a neutral note.

 

But if I am the buyer and I know the seller wants to keep the note for now, I'll use the pro-buyer note if he approves of it before signing.

 

Let me know if I can give you a quote for your simo closing.

 

Nelson

SaveHomeFromForeclosure

SaveHomeFromForeclosure@Gmail.com

 

NoteFunding

NoteFunding@Gmail.com

 

386-860-5152 Phone

386-860-7226 Fax

 

 

Hi All,

 

I was wondering if any of you have completed a simo closing

 

When I mention this to property sellers the question always comes up

 

#!. who sets up my carryback mortgage and note

( i have been told it should not be structured by a note broker unless you have a license)

 

As soon as you tell a seller to have an attorney set up the mortgage & note it never happens.

 

Just wondering how some of you deal with this issue, as seasoned notes are like looking for a neddle in a haystack and most are not wanted by funding sources

 

I have not been able to to do simo deals because of the issue of structuring a deal without a license

 

Any advise appreciated

 

Thanks

Tom