When you bought or sold your home, you closed the sale at a Title Company or attorney office. This is the traditional way and is typically true in the note business.
But, one of the things that I love about our industry is our flexibility – doing our best to meet the needs and circumstances of the seller. The reality today is that a lot of people live very fluid lives. So if we are buying your note, we have to accommodate your situation.
If you have never sold a note before, here is what we can do:
- The note holder sold a commercial building in his hometown, then moved 300 miles away. He was willing to travel the 300 miles to close at the Title Company that handled his transaction, but, after several phone calls we found a Title Company 10 minutes from his home. We closed smoothly and all parties were happy.
- The note holder was moving from the East Coast to the Upper Midwest and was driving cross country. given his itinerary, we were able to overnight the closing package to a location that he would be spending 2 days at. We found a notary and both he and the documents were waiting for him when he arrived. He was funded the next day.
- Currently, a note holder is traveling throughout Russia. We offered to arrange the closing at the American Embassy in Moscow. given her schedule and the logistics involved, she was very grateful but opted to close at her Title Company when she returned to the United States.
Before the Pandemic, these type of situations were commonplace for us. Since the Pandemic and Shutdown, however, more and more sellers are very comfortable with flexible ways to close, as long as they feel safe and it meets their needs. As a result, the majority of our closings are done directly with the seller. Plus, with firms like DocuSign offering electronic documents, the comfort zone has increased for both note sellers and note buyers.
