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Simultaneous closing is a real estate seller financing technique, whereby the private mortgage note created by the seller is simultaneously sold to a note buyer on closing. Typically, the terms of the note are agreed upon between the seller and the buyer with some suggestions from the note buyer.
A mortgage note is one of many closing documents a borrower signs when closing on a home loan. In simplest terms, it represents the mortgage for a given borrower. In technical terms, a mortgage ...
Mortgage note buyers are companies or investors with the capital to purchase a mortgage note. If someone is holding a private mortgage, these investors will give cash and take over receiving the monthly payments that were being paid to the previous owner. A mortgage note for these investors are home loans or mortgages that are secured by real ...
A simultaneous closing allows a home seller to offer owner financing on a property without having to hold any mortgage. On closing day, the property title is transferred to the buyer and the newly created (owner-financed) mortgage is sold to a note investor for cash, simultaneously.
An assumable mortgage can be a major selling point for a home, especially if it has a very low interest rate. However, selling a home with an assumable loan can be a lengthy and complex process.
The lender gets cash for selling the mortgage note, allowing it to use the capital to write another loan. The lender may retain the right to service the mortgage, a service for which it receives a ...
The seller’s costs to sell that home include a mortgage payoff balance of $300,000, real estate agent fees of $15,000, attorney fees of $1,000 and other sales taxes and closing costs of $4,000.
A borrower seeking funds approaches a mortgage broker or private money lender and describes his borrowing needs. These include: 1) The amount of money sought; 2) The value of the property that is being pledged as security, or collateral; 3) A description of the property; 4) The use of funds.
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