Private Mortgage Notes, or sometimes known as Owner Carry-Back Mortgages or Seller-Financed Mortgages, are mortgage-backed promissory notes that are the result of a seller of a single family home, condominium, multi-family building, or other residential or commercial building providing some degree of financing to the new buyer of the building at closing.
These Private Mortgage Notes can be for the full amount of the mortgage on the sale (first position notes) or can be for a portion of the mortgage (second position notes) behind a traditional first mortgage lender.
For decades, Private Mortgage Notes have been excellent investments but now and then note holders do need to sell for a variety of reasons including…
- Purchasing a New Home
- Cover Excessive or Unexpected Medical Expenses
- Pay College Tuition or Job Retraining Expenses
- Take Advantage of New, Promising Investment Opportunities
- Settle Pending Legal or Estate Matters
- Pay Debt or Consolidate Bills
- Buy a New Vehicle
- Take a Well-Deserved Dream Trip or Vacation
- Pay Back Taxes
Special Note for Real Estate Professionals
In today’s challenging unique and challenging economic conditions, Private Mortgage Notes are becoming more widely used than ever in real estate sales and can often provide the necessary inducement to get the deal done.
That said, many sellers would prefer not to hold mortgage paper for lengthy periods of time. Before you structure your deal, think of your client’s best “exit strategy” and contact us for a confidential analysis of options regarding the note.
Get started today with a Fast and Free seller or owner-financed mortgage sale quote by….
- Filling out our ONLINE MORTGAGE QUOTE FORM and we’ll respond within two to three business days with your quote.
- CALL US TODAY for a quick discussion of your note sale needs and review of the details
- EMAIL with your questions or to set up a time to talk via phone at your convenience