The Process

Palm Springs Desert Area Homes, Condos & Real Estate

We Will Guide You All The Way

• Place a "For Sale by Owner/Owner Will Finance" sign on your property. Next place an advertisement in your local paper. The ad should begin "Owner Will Finance, Easy Qualify." Include in the ad "No Points, No Banks Required." Then briefly list the features of your property, the price, and your phone number.

• Show the property to 3 or 4 prospective buyers. Have them complete the standard 1003 Uniform Residential Loan Application and Authorization to Release Credit Information. Fax these to us. We will review the information and help determine your best prospect. We are able to pre-approve the buyer, advise you on the best structure for the transaction, the exact value of the note to be created and make a firm purchase offer.  This will only change if the appraisal comes back at less than the agreed purchase price. 

• Have your Buyer complete a Real Estate Purchase Agreement appropriate for your State. Insert in the contract "Subject to approval of Buyer’s credit" and "Subject to Seller's ability to sell the owner financed note on the secondary market at a price satisfactory to Seller." Select a local title company and closing agent of your choice.

• Collect an appraisal fee from the Buyer. This is approximately $400, depending upon the appraiser selected by the note purchaser. 

• We work with your title company or closing agent to create and gather all the required documents and set a closing date. Just prior to closing, our investor wires funds to the closing agent with disbursement instructions.  

• At closing, you create and then simultaneously sell and assign the mortgage note to our investor. The Buyer's down payment plus the investor's funds are used to pay closing costs and pay-off your lender (if you have one). You collect the balance of the funds.

• Click here for some general tips for FSBOs.

Structuring the Note

There are many ways to structure a note. To arrive at a structure to suit all parties (Seller, Buyer, Investor) takes a cooperative effort and can be a back-and-forth process. To help us quickly propose an initial structure, please provide the following:

• Form 1003 completed by Buyer.
• Property Description: Address, City, State, Zip; # bedrooms, # bathrooms, square feet, type of neighborhood, type (condo, single family residence, mobile home, land, etc)
• What is property selling for?
• What will property appraise for?
• Will buyer occupy property?
• What is maximum down payment Buyer can pay?
• What is maximum monthly payment Buyer can pay?
• Is the Buyer open to a balloon payment? If so in how many years?
• What is the minimum amount of cash Seller needs at closing (including down payment)?

The Paperwork

You thought you could avoid it? With real estate, there is not a chance. But with the Simultaneous Note Purchase plan there is a lot less than with a regular transaction. Click here to see what is involved.

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This Is Coachella Valley's Unique Real Estate Web Site

Palm Springs Desert Area Homes, Condos & Real Estate are to be found in the Coachella Valley cities of Palm Springs, Palm Desert, Cathedral City, Rancho Mirage, Indian Wells, Bermuda Dunes, La Quinta, Desert Hot Springs, Thousand Palms and Indio. These are the cities that form the Greater Palm Springs Desert Area and are home to some of the finest living and the best resort real estate in the world. If you want to sell or buy homes, condos, or real estate anywhere in the Coachella Valley,  this site will provide the little known information you need and the solutions you seek.