Once you have accepted our offer, here are the steps:
- We run credit on your borrower, looking for a minimum FICO score of 625+.
- We request from you proof of payments received and necessary documents to confirm your transaction, i.e., Title Policy, Hazard Insurance, etc.
- We order a Property Appraisal from a Real Estate Broker, expecting a current value equal to or greater than your sales price.
- If 1-3 are fine, we order a Title Commitment from your Title Company to ensure that there are no defects and Title can pass cleanly.
- We have a courtesy phone call with your borrower, ensuring him that nothing will change except where his payment goes, confirming he agrees with the note terms and current principal balance, determine his happiness with his property purchase, confirm employment status, etc.
- We close, either at your Title Company or Direct with you. Your choice. If you choose Direct, we overnight a package to you, you sign the required documents in front of a notary, provide your banking information, overnight the package back, we record the Trust Deed Assignment, then wire the funds to your bank account.
Most of our transactions close in 30 calendar days or less.