My company has bought and resold hundreds of bank-distressed (REO) properties over the last several years. We have purchased even more non-performing or defaulted notes. Although many times it’s possible to modify the terms and keep the borrowers in the home (when buying the loan), many times we have to take back the property through a Deed-In-Lieu or outright foreclosure. Once we gain title to the property (either purchased as REO or taken back through foreclosure), it is astonishing how, … [Read more...]
Verify Taxes and Insurance
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Worried the buyer won’t make payments? Understandably, this is a common concern by sellers using owner financing. After all, an owner financed note is one of the seller’s most valuable assets. Unfortunately so many sellers fail to protect their asset when it comes to verifying current property insurance and taxes. … [Read more...]
