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Sell Real Estate Notes For Top Dollar
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People sell real estate notes to raise cash quickly. A real estate note is just the loan document created when you financed the sale of your house or investment property. It might be a mortgage note, or perhaps a land-contract or contract-for-sale. The point is that the purchaser is making payments to you, and you want to cash in.
You can sell the whole 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 these payments to somebody else.
Selling real estate notes can be an intimidating process. You know you won’t get the full face value for your note, but will there be other fees you have to pay too? How do you know if the purchaser is reputable? What's a normal discount on a note? Listed here are some guidelines to adhere to:
1. No upfront charges. If they ask, go someplace else. You should 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 costs before making the offer, so you will find only a couple fees you ought to have to possibly pay. First, you might 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 precisely what these cost the note purchaser though.
3. Be sure that the note purchaser gives you a written purchase agreement with the purchase price and contingencies. Ask questions about anything that is not clear.
4. The note buyer 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 is called “bait and switch,” and it is not ethical.
5. Get in touch with several note buyers for quotes. You will need to supply info like the kind of property, sale price, payment amounts, present balance, and so on. They should respond within a day or two.
6. When you get a quote you like, you will have to send copies of the Mortgage or Deed of Trust, the Note, the closing or Settlement Statement, and the Title Policy. If there is no recent appraisal, they will usually 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 anticipate to obtain a certified check or electronic transfer to your account within two to three weeks.
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