Real Estate
Private money loan
How the process works:
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Buyer and seller come to an agreement on prices & terms
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We will send the seller a 1-page contract to sign via email/DocuSign.
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Once the contract is signed, we open escrow with an local title company
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Title company orders a title report (report showing ownership of property, any liens, outstanding debts, etc.). Usually takes a week to receive.
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Once the title report is received and clear of any issues, the title company prepares a settlement sheet (showing title costs and seller net proceeds). Title and costing costs will be paid by buyer. Seller will be responsible for any/all property taxes owed and underlining mortgages/loans (if any exist). This will be deducted from seller's proceeds by the title company.
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The title will send out closing paperwork. The deed and a few other items will need to be notarized. A title company can help coordinate with a notary, especially if you live out of state.
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Once everyone signs everything, the buyer wires funds to title the closing takes place, and deeds are recorded with the county recorder. Sellers can have their funds wired or fed-x to them and typically receive funds the same or the next day.
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Transactions are usually really smooth unless there are some unforeseen title issues.
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The process usually takes 2-3 weeks, start to finish.
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