The
Note Service specializes in providing you with the mortgage loan
that you're looking for! If you've got great credit, or even bad
credit in any state, we've got the home mortgage loan for you! Do
you need a 100% finance loan for a purchase or refinance? We can
help you! Even with bad credit that has gotten you turned down for
a loan elsewhere in your state, give us the opportunity to find
you the mortgage you need! Also we have loans to save your home
from foreclosure. We can refinance your mortgage, get you a home
equity loan in your state, or set you up with a purchase loan! Fix
and Flip programs also available. Don't hesitate, get started finding
the perfect mortgage loan!
Interested in obtaining
commercial property? The Note Service can help you get the financing
for a commercial or investment property loan today! Need to refinance
an existing commercial property loan? No matter where you are in
the country, or what your circumstances are, The Note Service can
help you purchase or refinance a commercial mortgage loan or investment
property loan. We are committed to providing you with the highest
quality service availiable anywhere, regardless of your needs or
circumstances.
The term "Hard Money Loan" is a type
of non-bankable loan. Usually this means a loan where the hard money lender
can approve the loan request based upon the value of the assets and the
equity in the assets, without the need for much of the usual time consuming
documentation and verification that a more traditional lender might require
to lend the same amount of money.
Hard money loans can usually be funded quickly
and are based upon the value of the real estate or collateral anchoring
the loan without regard to the borrower's income employment, assets, credit
scores or tax returns. Hard money loan programs will tend to over look
many items that are critical to a traditional lender. These overlooked
details will include: foreclosures, bankruptcies, judgments and credit
issues.
What is an REO, Bank Owned Property?
Real estate owned or REO is a class of property owned
by a lender, typically a bank, after an unsuccessful sale at a foreclosure
auction. This is common because most of the properties up for sale at
these auctions are worth less than the total amount owed to the bank negative
equity: the minimum bid in most foreclosure auctions equals the outstanding
loan amount, the accrued interest and any costs associated with the foreclosure
sale including attorneys' fees.
After an unsuccessful auction, the bank will go through the process
of trying to sell the property on its own. It will remove some of the
liens and other expenses on the home and try to resell it to the public,
either through future auctions or direct marketing through a realtor.
Generally speaking, bank REO properties are in poor shape in terms of
repairs and maintenance; however, real estate investors will often go
after these properties as banks are not in the business of owning homes
and so, in some cases, the low price can more than compensate for the
condition of the property.
Buying At A Foreclosure Auction
Buying at a foreclosure auction is the riskiest way to purchase foreclosed
property, and shouldn't be attempted by a first-time buyer.
You may not be able to inspect the property, and will likely have to
come up with the entire purchase price in cash in a short period of time
(sometimes measured in hours rather than days). Plus you'll still end
up owing any unpaid property taxes and junior liens (debts put on the
property after the debt which caused the property to kick into legal foreclosure).
Buying at auction also comes with the possibility that the former owner
will exercise their right of redemption by coming up with the cash to
buy the house back within a certain period of time. The IRS also has 120
days to redeem the property if back taxes are owed. A local real estate
lawyer can fill you in on the redemption laws in your state.
If you're tempted to buy at a foreclosure auction:
Research the condition of the property and any existing debts such
as liens, unpaid taxes and previous construction debts, by ordering
a full title search on the property
Scope out land use problems such as zoning or toxic waste issues
Find out how the auction process and rules work
Sit in on some other auctions ahead of time
Decide what your maximum offer will be and don't go above it
Arrange any financing you may need ahead of time
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How to buy bank owned properties (REO)
There is a lot of interest in buying bank owned properties
these days. A lot of information, some good and some bad, is floating
around about the subject. Often the information offered is for sale, with
the promise that you can make a lot of money with little effort once you
know "the secret formula". The fact is that there are no secrets,
and to make money does require effort.
What's an REO?
REO stands for "Real Estate Owned". These are properties that
have gone through foreclosure and are now owned by the bank or mortgage
company. This is not the same as a property up for foreclosure auction.
When buying a property during a foreclosure sale, you must pay at least
the loan balance plus any interest and other fees accumulated during the
foreclosure process. You must also be prepared to pay with cash in hand.
And on top of all that, you'll receive the property 100% "as is".
That could include existing liens and even current occupants that need
to be evicted. A REO, by contrast, is a much "cleaner" and attractive
transaction. The REO property did not find a buyer during foreclosure
auction. The bank now owns it. The bank will see to the removal of tax
liens, evict occupants if needed and generally prepare for the issuance
of a title insurance policy to the buyer at closing. Do be aware that
REO's may be exempt from normal disclosure requirements. In California,
for example, banks are exempt from giving a Transfer Disclosure Statement,
a document that normally requires sellers to tell you about any defects
they are aware of.
Is it a bargain?
It's commonly assumed that any REO must be a bargain and an opportunity
for easy money. This simply isn't true. You have to be very careful about
buying a REO if your intent is to make money off of it. While it's true
that the bank is typically anxious to sell it quickly, they are also strongly
motivated to get as much as they can for it. When considering the value
of a REO, you need to look closely at comparable sales in the neighborhood
and be sure to take into account the time and cost of any repairs or remodeling
needed to prepare the house for resale. The bargains with money making
potential exist, and many people do very well buying foreclosures. But
there are also many REO's that are not good buys and not likely to turn
a profit.
Ready to make an offer?
Most banks have a REO department that you'll work with in buying a REO
property from them. Typically the REO department will use a listing agent
to get their REO properties listed on the local MLS. Before making your
offer, you'll want to contact either the listing agent or REO department
at the bank and find out as much as you can about what they know about
the condition of the property and what their process is for receiving
offers. Since banks almost always sell REO properties "as is",
you'll want to be sure and include an inspection contingency in your offer
that gives you time to check for hidden damage and terminate the offer
if you find it. As with making any offer on real estate, you'll make your
offer more attractive if you can include documentation of your ability
to pay, such as a pre-approval letter from a lender. After you've made
your offer, you can expect the bank to make a counter offer. Then it will
be up to you to decide whether to accept their counter, or offer a counter
to the counter offer. Realize, you'll be dealing with a process that probably
involves multiple people at the bank, and they don't work evenings or
weekends. It's not unusual for the process of offers and counter offers
to take days or even weeks.
Do you need cash FAST? THE NOTE SERVICE
is a nationwide real estate note buyer and we can pay fast cash
for good quality mortgage notes, trust deeds or deed of trust,
land contracts, contract for deed and other real estate secured
promissory notes or cash flow notes. We also pay fast cash for
structured
settlements, lottery
winnings, and commercial
real estate notes.
Are you collecting payments
on any type of promissory note ...
Real estate note (mortgage note, deed of trust, land contract,
contract for deed)
Structured settlement, annuity or lottery winnings
Business note, commercial note or commercial real estate note
If so, are you ...
Wanting to sell your real estate note(s) to get cash FAST?
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Foreslosures are sweeping the nation - get in the action before the
auction. Learn the basics of pre-foreclosure. Let us help you succeed
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