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Updated about 7 years ago,

Account Closed
  • Rental Property Investor
  • Austin, TX
98
Votes |
118
Posts

Buying a note with no existing servicer

Account Closed
  • Rental Property Investor
  • Austin, TX
Posted
Hi all - I"ve come across several seller-financed notes where the seller/note holder is "self-servicing" the note vs boarding it with a servicing platform. My initial thought is this would be a deal killer since you want to know it's been properly serviced, but does anyone have experience working around this? Aside from making sure title is clear and insurance/taxes are being paid, are there any other important items to look out for? Is it just a matter of finding a new servicer (e.g. FCI) who would be willing to take it on? Thanks!

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