SDIRA Companies - opinion

[Chris Seveney]

Wondering out there which SDIRA company people use for purchasing property and notes.  Currently using a company that is requesting the assignment be provided as part of the purchase (which I get issues from seller providing an assignment before funding). Other SDIRA companies some require the original note in their possession.

Doesn't any SDIRA company just accept a signed loan sale agreement and a copy of the note ?

[Dave Van Horn]

@Chris Seveney

We deal with about 15 SDIRA companies and what they require can vary when purchasing an existing note. Some companies want to see a copy of the note seller's assignment, proving that it was recorded and that the seller does in fact own the note. Also, some SDIRA companies require the drawn up assignment that's going to be recorded once you purchase the note, just to make sure it's titled correctly.

They're doing this for both their protection and your protection as their client.

I'm not sure why sellers would have an issue giving you a copy of an assignment chain or drawn up assignment. The attorney handling the escrow should understand the importance of this.