Looking into buying my first mortgage note and need your help please
I am a Realtor in State of TX and have have some rental homes. Looking into purchasing Seller financed notes( Not bank notes). I have found a local broker whom has a list of these notes for all over the cournty. Some are balloon in 5 years, some are traditional 30 years. I am concern about the safe act which passed few years ago and not really sure what I should look into to make sure the notes are legal and I will not have problems down the road. The Broker indicates that all transaction will be going the title company and with a new title insurance.
What Should I be looking for to make sure I am not getting myself in trouble?
Thank you in advance
Most Popular Reply
Pay attention to @Dion DePaoli 's post. Seldom a day goes by when some hack doesn't try to pitch us on a worthless note pool. I actually had a spreadsheet sent to me a while back that contained 3 notes that our company owned that we had purchased three months prior from a credible National note reseller. Beware of non-institutional notes and daisy-chain broker wannabes. Dion speaks the truth here.