Home >> FastSimultaneousClosings.com WE NO LONGER DO SIMULTANEOUS CLOSINGS! From The Desk Of: Steven W. Hammons, President & CEO Due to the recent financial crisis within the secondary mortgage market, we are announcing that we will no longer be doing Simultaneous Closings, or purchasing Non-Seasoned Real Estate Notes (notes with no payment history). What does this mean to the FSBO seller, builder, real estate investor or Realtor®? Well, it simply means that we will now only purchase NEW real estate notes that have been "seasoned", AND if the property has been controlled by the seller, for twelve (12) months or longer. So, our requirements on newly created real estate notes are now as follows: The seller must have held title to the property for 12 months or longer. At least one payment must have been made on the note before we will quote on it and/or purchase it. Buyer still must have 20% down payment. This can be in the form of 20% CASH or 10% CASH and a 10% second mortgage note taken back by seller. In either case, 20% equity must be present. Buyer's credit score must be 630 or higher. We do not foresee the return of the double close or simultaneous closings in the future due to the many abuses by fraudulent parties over the past few years. It's unfortunate that this unique financing tool has been ruined by a "few bad apples". Should you have any questions, please contact me directly at 1-800-264-1056, Ext. 101. Steven W. Hammons President & CEO notes@RealEstateNoteBuyersGroup.com Copyright © - FastSimultaneousClosings.com - a service of Real Estate Note Buyers Group - All Rights Reserved a division of National Real Estate Buyers & Associates, Inc. 2661 Commons Blvd. Dayton, OH 45431 Phone: 937-912-4500 Fax: 937-318-1264 Toll Free Information Line: 1-800-264-1056