Owner - Financed Mortgages
NOTICE TO MEMBERS, et al: Now, YOU MUST understand neither Us @ Best Buy Financial Services Co (TM) is "NOT" a Traditional Financial Company, such as a Bank(s), Mortgage Company(ies) or Credit Union(s), et al...Best Buy Financial Services Co (TM) will pay CASH for Owner-financed mortgages @ which We provide Professional Service and offer FAST CLOSING.
Just think YOU can SELL YOUR HOME...FAST...let's assume that home that We are referring to is worth $USD 200,000.00 and the seller is going to sell it for.
Let's also assume that the home seller is still paying the bank for a note that he/she owes on this real estate property, and the balance of that note is $USD 20,000.00.
In this scenario, the home seller would sell his/her home to the buyer using a LAND CONTRACT or CONTRACT FOR DEED, and the sale would be for $USD 200,000.00. Let's also assume that the home buyer pays the seller $USD 20,000.00 down.
Now we have a note that is being paid by the NU/NEW buyer for $USD 180,000 ( $USD 200,000.00 minus the $USD 20,000.00 down payment ) and at the same time the home seller is still paying on his/her note to the bank that has a balance of $USD 20,000.00.
Best Buy Financial Services Co(TM) can purchase this type of NOTE because we would purchase the $USD 180,000.00 Land Contract at a discount and We @ Best Buy Financial Services Co(TM) will PAY OFF the $USD 20,000.00 existing note and would give the remaining balance to the Note Seller.
This would place us in the First Position because we are the only one that is owed any money.
Home Sales Price is $USD 200,000.00
Down Payment is $USD 20,000.00
NU/NEW NOTE (W.A. Note) is $USD 180,000.00
Seller owes to bank a balance of $USD 20,000.00
We @ Best Buy Financial Services Co (TM) would purchase the $USD 180,000.00 Note @ a Discount, pay off the $USD 20,000.00, and give the difference to YOU the Note Holder.