The Process of Selling Notes to a Private Firm
In than a month, you can have cash in your hand by following these steps: Selling notes to a note purchasing company is an easy, straightforward process between the note owner and the note buying company.
Deciding to sell
The process begins with the decision to sell your note. For some, mortgage notes can readily be changed into cash in a span of requirement. For others, seller-backed financing was used to obtain a property quickly and they intended to sell the note from the beginning.
How to decide whether to sell the whole business or just a portion of it?
There are two ways to sell mortgage notes: you can sell the entire note or part of it. Both cause you to exchange long-term payments for a lump sum, but the biggest difference is the size of that lump sum.
Choosing a company to purchase notes
The next step is to select a mortgage note buying company. The choice of a mortgage note buying company determines the level of customer service and expertise you’ll be able to receive throughout the process. In addition, it determines the amount of money you’ll receive for your note.
Getting Your Quote
Once you get your quote, you may want to go over it to understand how we arrived at the amount we’re offering.
The Property Evaluation Process
At this stage of selling notes, everything is finished on your end, but we are working hard to get everything ready to close the sale.
Getting Your Money, Closing the Sale
As soon as everything is as expected — and it usually is — we proceed with the sale of your note.
It is at this point that property owners are informed that their mortgages have been sold. We assure them that their mortgages remain the same and inform them of where to send future payments.
To finalize the sale, you will need to attend the closing at a local title company to sign the closing paperwork. This paperwork makes the sale official and transfers ownership of the note.