Yes, a reputable note buyer can make the deal happen and with less qualifying criteria then a “regular” mortgage company. My company does it all the time here in Michigan. The key is to interview your note purchaser and see if they are for real and your own instincts should tell you if they are! I usually cash out my investor owned home clients at 91 to 100% of their appraised price. Another thing that you can also do is contact the BBB in your state and see if the note buyer has been listed as reputable or not. And lastly if you do use a note purchaser, you can also list your properties as “owner will finance” which as you know brings a flood of calls!
Can Note Buyers Really Help My Flip Deals? - Posted by Keith - IL
Posted by Keith - IL on June 28, 2001 at 14:52:30:
Hello,
I posted a question on the board concerning properties that I rehab and then want to sell quickly (text book flips)I received various reponses from note buyers that say that they offer a viable way to fund my buyers without the use of conventional lenders and their many limiting chain of title issues etc. (some said that they would buy unseasoned note at 97% of the appraised value, and offered help with the buyers downpayment too!). My question is has anyone ever done a closing with these note buyers and is it really a viable to solution to this flip lending mess we’re currently experiencing?