Can You Please Define Private Mortgage Notes?

Is there a difference between the definition of a private mortgage note and a seller financed note? Better yet, does it even matter? A recent subscriber's questions are answered. "I am getting confused with - what is a private mortgage note and a seller finance note. They both seem the same. A private mortgage note is a note that someone is holding on what was sold. A seller finance note sounds like the same thing to me - a note on property sold and is holding the note? What … [Read more...]

What is a Real Estate Contract?

Sellers providing owner financing might elect to use a Real Estate Contract, Contract for Deed, or Land Contract to document the transaction rather than a Note and Mortgage or Note and Deed of Trust.  There are both advantages and disadvantages to carefully consider when choosing a Contract. The big difference with a Real Estate Contract is that the buyer will not receive the Deed to the property until the full amount the seller financed is paid in full. The seller remains the title holder … [Read more...]