MidwestNotes.net
Title
Owner financing - mortgage note buyers - simultaneous closings
Description
Established in 1995, the diversified investment firm MidWest Notes quickly gained a national reputation as one of the top mortgage note buyers in the industry. Its aggressive purchasing of a variety of real estate backed cash flows and its closing of real estate transactions through the creative use of owner financing, real estate notes, mortgage notes and land contracts has been instrumental to the success of many of the nation's top note brokers.
The firm was a pioneer of what today are commonly known as simultaneous closings. A simultaneous closing is two separate closings occurring near-simultaneously. The first closing passes the Title to the property from the Seller to the Buyer. At this time, the owner financing - seller financing is created, and the Buyer becomes responsible for making monthly payments. After the property sale closes and the associated legalities are recorded, a second transaction occurs wherein the owner financing seller carry back note that was created during the "first closing" is sold to MidWest Notes. The length of time required between the sale of the property and sale of note varies by transaction. MidWest remains at the top of most expert lists of mortgage buyers handling simultaneous closings.
Contact
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