Millions of homes are sold in this country every year. In most cases, buyers contact a bank or finance company to apply for mortgage financing.
In some cases, 200,000 in the US, homebuyers rely on the seller and not a financial institution for financing because:
o The buyer may not be eligible for a traditional mortgage.
o The buyer may be a relative who wants to save on closing fees.
o The seller may be interested in having a long-term income stream.
Often the seller is pushed into financing the buyer instead of receiving a lump sum. This forces the seller to take on the role of a mortgage company, taking care of the maintenance and collecting a monthly income stream. A stream, which may or may not be consistent, depends on the payer’s ability to meet their monthly obligations.
Peacock Capital offers noteholders nationwide the opportunity to sell their homes and use the equity for their own purposes.
We buy the note for a lump sum and collect the monthly checks. No more worrying about “check is in the mail” or “are they going to stop paying and enforce a foreclosure?” Or, “Has my buyer kept up with their insurance payments?” Etc.