Can you easily locate the original mortgage note? This important legal document should be kept in a safe place, and here is why! The promissory note is a promise to pay or IOU from the property buyer. It spells out the amount due and terms of repayment. In legal jargon it is known as a […]
Avoid Three Seller Financing Mistakes
Would you rather have $97,000 to sell your $100,000 note or only $80,000? The difference in usually comes down to the big three. Here’s the three biggest mistakes note sellers make and how to avoid flushing money down the drain. Mistake #1 – Failing to Check Credit The payer’s credit report lets you know how […]
Seller Financing – How Much Can The Buyer Afford?
Many sellers accept owner financing without any idea of how much the buyer can actually afford to pay. The last thing a seller wants is to stress over receiving monthly payments or worse, getting the property back through foreclosure. 3 Ways to Calculate Payment Affordability Before Accepting Seller Financing The amount a buyer can afford […]
Seller Financed Notes and Interest Rates
The interest rate a seller agrees to accept when providing owner financing to the buyer has a large impact on the note’s value. Unfortunately, many sellers overlook this important decision. Why Private Mortgage Note Interest Rates Matter Inflation Fighter Each year it seems the cost to buy the basics just keeps going up. It’s not […]
What is Seller Financing?
When a seller allows a buyer to make payments over time for the purchase of property, it is known as owner financing or seller financing. This private financing by the seller can take the place of a bank loan or be in addition to a conventional mortgage. The payment amount, interest rate, and other terms […]