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Sell Real Estate Notes For A High Price
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Individuals sell real estate notes to increase money rapidly. A real estate note is simply the loan document produced when you financed the sale of your house or investment property. It could be a mortgage note, or perhaps a land-contract or contract-for-sale. The point is the fact that the purchaser is making payments to you, and you wish to cash in.
You can sell the entire contract, or just a particular number of payments if you want. The buyer of your property will have the exact same terms and payments. He’ll just be making those payments to somebody else.
Selling real estate notes can be an intimidating process. You know you won’t get the full face worth for your note, but will there be other charges you have to pay too? How do you know if the buyer is reputable? What's a normal discount on a note? Listed here are some guidelines to follow:
1. No upfront charges. If they ask, go someplace else. You ought to be able to discover many note buyers who will check your buyers credit and give you a quote without charging you.
2. No other charges, with a couple exceptions. The purchaser has already figured his costs before making the offer, so you will find only a couple fees you should have to possibly pay. First, you may have to pay for the title policy, if there are problems with the title that prevent purchase. Second, if the property appraises at much less than the sales price, you may have to pay for the appraisal. You should only pay exactly what these cost the note buyer though.
3. Make sure that the note purchaser provides you a written purchase agreement with the purchase price and contingencies. Ask questions about anything that is not clear.
4. The note purchaser ought to check the credit of your property buyer upfront. Unscrupulous buyers can quote one price initially, and then lower it later, utilizing the excuse of the property buyer’s bad credit score. This really is called “bait and switch,” and it is not ethical.
5. Contact a number of note buyers for quotes. You’ll need to provide info like the kind of property, sale price, payment amounts, current balance, and so on. They ought to respond within a day or two.
6. When you get a quote you like, you’ll have to send copies of the Mortgage or Deed of Trust, the Note, the closing or Settlement Statement, and the Title Policy. If there's no recent appraisal, they will generally arrange for that.
7. Processing time varies, so ask. Usually, once you agree to the offer and send the documents (if done by mail), you can expect to receive a certified check or electronic transfer to your account within two to three weeks.
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