Mortgage Notes Purchase

[Rafique Karim]

Similar to purchasing real estate, is there any need to use an escrow service when purchasing mortgage notes? 

[Chris Seveney]

Rafique Karim - the notes I acquire are from reputable sellers and hedge funds. If you were not comfortable with the seller you could have an escrow agent hold the funds but it’s not common.
The process goes like this: you make an indicative offer; if accepted the seller provided the soft collateral package and you run title report and confirm property value. Bid may get adjusted after due diligence and when final price is agreed seller sends you a loan sale agreement. You execute loan sale agreement then wire funds. Seller then sends you hard copies of collateral and you record assignment.