Typically we are able to provide various purchasing options for any given contract, either installment note or contract for deed.
Once we have reached a decision for purchase we will send out a purchase agreement and quick list of documents needed. We will need to see a copy of the promissory note and the settlement statement from the close of escrow when the real estate sold. Normally, we need a copy of the homeowners insurance policy and some form of accounting to verify the payment history for correct accounting of the note.
Once we have received all the proper documentation from the note seller including the signed purchase agreement, we will call a local realtor or appraiser to verify the market condition and overall property value. This determined by a drive by evaluation. Concurrently, place an order for the required title work and open escrow for the closing with the title co or attorney that handled the sale of real estate with the current buyer/seller.
Usually within 7-14 days, the property evaluation will be completed and our required title work is completed. At this point our closing package is prepared and sent to the title company for the escrow to be completed. The note seller will have to schedule a time to visit the title company to sign the documents. If they are not driving distance or out of state then the final closing package is sent via overnight mail.
Additional Information about Central Valley Funding:
We do keep the note seller in the loop with consistent follow up calls during the purchasing process with constant contact. We cover all the title work and escrow fees associated with the note purchase. The Title company or Attorney will handle the closing and disperse all funds payable. Our average closing time is 18 days.