MORE FAQs

More FAQs

Q. Where do I get the credit application and real estate contract?

A. We will provide you with the credit application and a real estate contract upon e-mail request. A real estate sales contract can also be obtained at Staples, Office Max, or just about any office supply store.

Since real estate laws vary from state to state, you may also obtain a copy from your closing attorney's office.

We strongly recommend the seller and buyer be represented by legal counsel in any real estate transaction.

A. There is a discount on the note that will be sold for cash at closing. The amount of the discount varies according to the credit profile of the buyer. The amount of the discount is given to you in a "Letter of Intent To Purchase" at closing.

This letter is provided to you in conjunction with your buyer's approval. Collect the fee for your buyer's credit report from your buyer when the application for credit is filed.

You will also have the typical closing costs like the appraisal fee (about $300), title insurance, document preparation and recording fees. Practically all of these fees will come from the proceeds generated from the sale of your note, including our discount. The buyer typically pays for the appraisal. Other costs can be negotiated for a split between you and your buyer. Since each transaction is different, you will be given direction about your options as the sale develops.

Q. Will this program work if I still owe money on the home I'm selling?

A. Yes. We make sure your mortgage is paid off at closing. You will need to provide us with a current balance for all liens against the property when we you submit the "Property Profile". We will need bank pay-off statements prior to closing.

Q. Once I find a qualified buyer to sell to, how long does it take to close the sale?

A. Each transaction is different. Typically, most transactions will close within two to four weeks of submitting a complete and accurate information package.

Q. How can I avoid having to accept an "owner carried" note in case it's not purchased at closing?

A. Make sure you add the following clause to any contract with a potential buyer: "This contract is subject to the successful sale of a promissory note and mortgage at closing between the seller and buyer."