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Sell Real Estate Notes For The Best Price

By Expert Author: Gino Branch

People sell real estate notes to raise cash rapidly. A real estate note is simply 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 buyer is making payments to you, and you wish to cash in.

You can sell the whole contract, or simply 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 will not 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 trustworthy? 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 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 fees, with a couple exceptions. The purchaser has already figured his costs before making the offer, so you will find only a couple charges you should have to possibly pay. First, you might have to pay for the title policy, if there are issues with the title that prevent purchase. Second, if the property appraises at 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. Be sure that the note buyer provides you a written purchase agreement with the purchase price and contingencies. Ask questions about anything 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, utilizing the excuse of the property buyer’s bad credit score. This is called “bait and switch,” and it isn’t ethical.

5. Contact a number of note buyers for quotes. You’ll need to provide info like the type of property, sale price, payment amounts, current balance, etc. They should 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 is 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 anticipate to obtain a certified check or electronic transfer to your account inside two to three weeks.

Considerably more details about notes for sale can be located on our mortgage investment site.

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