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Easily Sell Real Estate Notes For Top Dollar
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People sell real estate notes to raise money quickly. A real estate note is just the loan document created when you financed the sale of your house or investment property. It could be a mortgage note, or a land-contract or contract-for-sale. The point is that the purchaser is making payments to you, and you wish to cash in.
You can sell the entire contract, or just a certain number of payments if you want. The purchaser 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 procedure. You know you will not get the full face value for the note, but will there be other charges you have to pay too? How do you know if the purchaser is reputable? What is a normal discount on a note? Here are some guidelines to follow:
1. No upfront fees. If they ask, go someplace else. You ought to be able to find numerous 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 expenses before making the offer, so you will find only a couple charges 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 might have to pay for the appraisal. You ought to only pay precisely what these cost the note purchaser though.
3. Make sure that the note buyer gives you a written purchase agreement with the purchase price and contingencies. Ask questions about something that isn’t clear.
4. The note purchaser ought to check the credit of your property buyer upfront. Unscrupulous buyers can quote one price initially, and after that reduce it later, using the excuse of the property buyer’s bad credit score. This really is called “bait and switch,” and it isn’t ethical.
5. Get in touch with several note buyers for quotes. You will 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 usually arrange for that.
7. Processing time varies, so ask. Generally, once you agree to the offer and send the documents (if done by mail), you can expect to obtain a certified check or electronic transfer to your account within two to three weeks.
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