An Introduction to Selling Your Mortgage Note to a Note Buyer
So you've made the decision to sell your mortgage note. What do you need to do to be ready for a note buyer? What process should you expect? Here's a quick, informal introduction. Contact us to talk to a representative who will guide you in more detail, but before you do, be prepared for the following events.
Document and Information Requests
To accurately price your mortgage note we need information about the property. The exact details vary from property to property, but this will definitely include all mortgage documents, as well as any loans or other financial agreements that use the property as collateral or for some other assessment purpose. The basic rule is to assume any document about the property is relevant. So save yourself time and effort by organizing your documents ahead of time. See our mortgage note seller document checklist for more information.
Initial Mortgage Note Quote and Cash Options
Once we've had a chance to look over your documents we'll provide an initial quote. This is subject to the payment terms you select out of those we are willing to offer. There are several options available, from a single lump payment to split payments, balloon payments and other options. See our note buyer cash options page for more information. Note that while we strive to make the initial quote as accurate as possible it may shift a bit as we get to know your note and property better.
Note Buyer Due Diligence
To ensure a smooth legal transaction we perform due diligence with our own property appraisal and evaluation. This typically has little to no impact on the property's current residents. We also confirm the information you've provided with local county authorities. Remember: The more thorough your own documentation is, the easier and faster this step is - and if it is, it moved you to the next step even faster.
Closing on Your Mortgage Note
Once we've come to an agreement about the property's characteristics, value and payment terms, it's time to close the deal! It's up to you whether we do this in person or by mail. Once you've signed and notarized and returned all of the documents specified by our representative we're ready to go!
Your Note Payments Start
Once closing is complete, it's time for you to get paid. Payments will come by check or wire transfer, depending on your preference.
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