The process if selling a note is actually quite easy… Read More
Keep in mind that there will be some kind of discount… Read More
It usually takes a day or two to check out and verify… Read More
With your lump sum cash payment in hand; you are now free… Read More
The process if selling a note is actually quite easy, since we do all the work for you. Simply call us and give us some basic information about your Mortgage Note or Land Contract and what you would like to sell the note for.
Keep in mind that there will be some kind of discount from the total balance owed. The concept used in the business is called the time value of money. In other words, one is willing to accept a discounted value today as opposed to waiting several years for the full value of the note. Also keep in mind that the current interest rate on the note will also affect the discount on the note value. For example, if one would expect to receive 10% on the risk associated with this type of property and your note is only charging 6% interest, there is going to be some kind of discount factored in to compensate for that also.
Based on the basic information that you provide, we will get back to you with the detailed information that we will need to get from you, to provide the best present day cash settlement to you.
Some of the things we will eventually want to see is the actual note, payment history, and any information that you obtained from you credit check and other due diligence on the payer of the note when the note was originally written.
If you have held the note for more than a couple of years, we may want updated information on the credit worthiness of the payer and recent pictures of the property if available along with proof that there are no liens or back taxes owing on the property.
It usually takes a day or two to check out and verify all the information on the property and the payer. After that is done we can determine a fair market value of the note and make a formal offer to purchase the note.
If you agree to the purchase price, we will schedule a closing at a mutually agreeable title company. We will meet you in person or have a representative of the title company do the closing with you and give you the check for the note.
With your lump sum cash payment in hand; you are now free to use the money for the special reason that prompted you to contact us in the first place. With that cash in your hand you are now free to make that special purchase, take that special trip, invest in that special business opportunity or whatever it is that will make you happy.