Simultaneous Closes
Just a little knowledge for those of you who are considering doing a simultaneous close where you create a note and sell your note to a note buyer. Brokers of notes can learn a bit to.
When asking one of many of my note buyers what they consider when doing simultaneous closes they responded as follows:
1.) Borrower must put down at least 5 % (Verifiable)
2.) Application on borrower to ensure they can make agreed upon payments
3.) Full Appraisal on home (with interior pictures)
4.) Need to know purchase price that seller paid for home
5.) Avoid perception flipping/rehabs
6.) Note buyers are not originators of loans so a contract between buyer and
seller must exist and be furnished
7.) Will look at any property type. (i.e...residential, condo, commercial...)
8.) No geographic location restrictions
9.) No minimums or maximum amounts
I hope this helps.
Mark 
See profile for addtl info at website.
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