Why would anyone who owns a piece of real estate outright ever consider taking on the role traditionally held by banks and agree to sell their property in exchange for a mortgage note payable to them over time? Why accept a promissory note instead of cash? Why in the world would sellers offer to owner finance? Owner Financing = Higher Interest Rate Potential One key … [Read more...] about Why In The World Do Sellers Offer Owner Financing?
promissory note
Note Buyers Demand Original Promissory Note
In an effort to hang on to homes in foreclosure many owners are telling banks to, “Show Me the Note!” It looks like Wall Street lenders are learning something private note buyers have known for years… When buying and selling mortgages or trust deeds you need to get the original promissory note! Put it in a safe place where it won’t get lost and make sure it comes with … [Read more...] about Note Buyers Demand Original Promissory Note
Safekeeping the Original Promissory Note
The Promissory Note is an important legal document that should be kept in a safe place, and here is why! The note is a promise to pay or IOU from the buyer, spelling out the amount and terms of repayment. In legal jargon it is known as a negotiable instrument. Similar to a check, the original must be presented to collect or prove ownership. If the seller desires to sell and … [Read more...] about Safekeeping the Original Promissory Note