How is the value of a real estate note determined?

An assigned Loan Acquisitions Officer asks questions about the property, the payer, and the contract, then performs an analysis and presents an offer in writing and walks through the numbers. There is no obligation to accept.

What note purchase programs are offered?

Two. A partial purchase buys a set number of the remaining monthly payments; First National services the note while it collects them, and afterwards the seller can take the note back or sell more payments. A full purchase buys the entire interest in the note for one lump sum.

How soon can a note sale close?

Once the offer is accepted and all papers are in order, payment can be received in as little as 26 business days. Funds are wired to the title company where documents are exchanged and are generally received within 24 hours of the wire.

Note buyers

FNAC (First National Acceptance Company)

First National Acceptance Company (FNAC) is a loan acquisitions company based in East Lansing, Michigan, and a subsidiary of First National Bank of America, which was established in 1955. It has been a principal buyer of real estate notes since 1974, purchasing performing land contracts, deeds of trust, private mortgages, and other real estate notes nationwide.

A noteholder starts with a free, no-obligation quote by phone or through the FastQuote form and is assigned a Loan Acquisitions Officer, who asks about the property, the payer, and the contract terms, runs an analysis, and presents a written offer. Two programs are offered: a partial purchase, where FNAC buys a set number of the remaining monthly payments and the seller can take the note back or sell more payments afterwards, and a full purchase of the entire interest in the note.

FNAC services every note it buys for the life of the note, so the payer keeps the same payment amount and a single place to send it. Closing funds are wired to the title company where documents are exchanged.

Pricing is quoted note by note and nothing is published, so the offer is the only way to learn the discount. Confirm whether your note qualifies as performing before starting.

Best for

Holders of performing land contracts, deeds of trust, and private mortgages who want a lump sum now, either for the whole note or for a set number of remaining payments. It buys notes; it is not a place to buy them.

What they do

Purchase of seller-financed real estate notes
Land contract purchases
Deed of trust purchases
Private mortgage purchases
Partial purchases of a set number of payments
Full purchase of an entire note interest
Servicing of purchased notes for the life of the note
Free written note valuation and offer

Details

Attribute	Value
Founded	1974
Ownership	Subsidiary

What stands out

Has been a principal buyer of real estate notes since 1974.
A subsidiary of First National Bank of America, which was established in 1955.
Services every note it buys for the life of the note, so the payer's amount and payee do not change.
States that payment can be received in as little as 26 business days once an offer is accepted and papers are in order.

Common questions

How is the value of a real estate note determined?: An assigned Loan Acquisitions Officer asks questions about the property, the payer, and the contract, then performs an analysis and presents an offer in writing and walks through the numbers. There is no obligation to accept.
What note purchase programs are offered?: Two. A partial purchase buys a set number of the remaining monthly payments; First National services the note while it collects them, and afterwards the seller can take the note back or sell more payments. A full purchase buys the entire interest in the note for one lump sum.
How soon can a note sale close?: Once the offer is accepted and all papers are in order, payment can be received in as little as 26 business days. Funds are wired to the title company where documents are exchanged and are generally received within 24 hours of the wire.