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Southern Maine Capital
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Simultaneous Closing What is a simultaneous closing? It is a process by which someone selling their property can carry the note or take back the note on the property and sell the note at the same time they close on the sale of the property. Thus they sell the property and the note virtually at the same time. If you ask someone when they are trying to sell their property if they would consider using owner financing to help sell the property they would give you two reasons why they would not want to do owner financing. The first reason is that they do not want to be a bank and collect payments. The second objection to using owner financing is that they need more than just the down payment. Sellers need cash! Using a simultaneous closing we have eliminated these problems! Based on the buyer's financial and the structure and terms of the note, we can determine the exact value of the note and make a firm purchase offer. We use your choice of a local title company, or closing agent, and they take over from there. We work with them to create and collect all the required documents and set a closing date. At closing, sellers create and then simultaneously sells/assigns the mortgage note to our investor. The buyer will than start making their payments directly to our investor. It's a done deal! It is important to note that our investors are not lenders and cannot create or originate loans. They only purchase existing mortgage notes and that is why the seller will use Simultaneous Closing to first create the note and, in turn, sell that note to our investor. Again, this is all done, simultaneously, at the closing table! Advantages A realtor loses several sales a year because the buyer cannot qualify. Using owner financing the qualifying parameters is more flexible than conventional financing. Someone could qualify to buy the property that might not qualify using conventional financing resulting in sale for the realtor. It will be easier for someone to sell their property because the qualifying criteria are easier for the buyer to qualify. The closing costs using owner financing will be considerably less than using conventional financing. The only true costs are a credit check, appraisal and title work. The closing cost is considerably less. There is never any points charged whether it is a residential or a commercial property. And while most sellers will need/want to get all their cash out right away, we can also accommodate the seller who just wants to get some cash now, and the rest at some point in the future. This is called a partial purchase, and often provides the greatest overall return to the seller. Once the buyer is under contract, and we have the required paper work, we can usually close and fund in 14 working days, or less! Not 30-60-90 days! You get the deal that would not have been do-able with traditional financing. We can do these deals nationwide. Let us help you sell your property fast with Simultaneous Closing. Simultaneous Closing is a win-win strategy for quickly selling a property for top dollar!
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CASH, FREE, No Obligation Consultation! Contact us by phone at 207-272-0077
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