Since the Pandemic, many businesses have changed the way they conduct business. Flexible employee hours, work from home, Zoom meetings, etc. One of the things I have always admired about our note business is our flexibility and willingness to adapt in order to get things done – pandemic or no pandemic.
Here is an example – pre-pandemic:
I was talking to a note holder who was carrying a note on a property located on the East Coast. The negatives were we had no down payment and the property was a rental – not owner occupied. The positives were strong credit, strong note terms and very good seasoning. We made an aggressive offer to buy the note and the seller accepted.
Then, he threw us a curveball. He and his wife had purchased a property out West and would be heading there in the next few days. They had shipped many belongings to their new home and would be driving with a trailer attached. They had planned their trip with several stops and would take approximately 30 days to get to their destination. Could we close under these circumstances?
We said yes. We quickly ordered the property appraisal and asked if we could talk to his borrower up front. The appraisal came in above the sales price and the interview with the buyer went well. The sellers retrieved their documents and managed to email our requests when they arrived at one of their pre-determined destinations. As we got closer to finalizing the transaction, we were able to identify a notary at one of their upcoming stops and he agreed to receive our overnight package of closing documents. When the sellers arrived at this location, the notary was prepared, the docs were signed and overnighted to us, and we released the funds. We closed in 28 calendar days.
This was one of the most fun transactions I have been involved with. Everyone co-operated and did their part on a timely basis.
We can do the same for you. Call me with your questions or to get some pricing for your note.
