Note buying?

Question

First National Acceptance Company(Lansing MI) is offering to purchase my private mortgage.  I'm considering it, but  not sure of the process. The mortgage is about 4 yrs old with 6 yrs left.   Any experience or suggestions?

Marc Faulkner · Answer

@Rolanda Eldridge  FNAC has been in the business for years but, there are a lot of other note buyers out there.  Finding a reputable consultant can help because, instead of just getting just one quote, they will know how to create competition around your sale, and where the higher offers will be!

There is a lot that has changed in the last few years to be for sure.  Most of these changes center around compliance issues.  If you create a note that does not comply with the current regulations, then you will have an impossible time selling the note to anyone other than an uneducated buyer.  This act will also create some issues.....

The market for quick buy and flip, seller financed notes is next to dead as far as the institutions go.The folks that are able to do this are working with private investors and funds.  A lot of companies have switched from selling to owner occupants to investors, in order to minimize compliance issues.

Wayne Brooks · Answer

You probably won't like their discount, but it might be interesting to let them make an offer.

Rolanda Eldridge · Answer

@Jay Hinrichs ...Basically, this is the only company(FNAC)...some information out there, but wanted to know if an BP experience...Local investors believe note buying ended with mortgage crisis...I believe it's viable, but need to make connection with real players.....

Marc Faulkner · Answer

That is just the tip of the iceberg Jay!

Jay Hinrichs · Answer

@Marc Faulkner

Safe Act ? Owner occ issues ?

Jay Hinrichs · Answer

@Rolanda Eldridge   I would think you would have gotten many offers for your seller carry back note... Remember for every RE guru there is a NOTE buying Guru and those tout sending mailers to all that own Private mortgages.

Note buying?

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