When you decide to sell a real property note (also known as a mortgage note, promissory note, or mortgage note), there are many things to take into consideration. Last week, we answered the question .. We will walk you through the steps to selling a mortgage note.
Should I Sell My Real Estate Note?
This is a personal question, and only you can answer it. We can only help you make the right decision by providing important information on selling real estate notes.
These are some of the most common reasons people sell a mortgage.
- To receive a lump-sum cash payment (often to pay unexpected expenses like medical bills, tuition or large purchases) or to make other investments, reinvest at higher interest rates or make other investments.
- To reduce the stress of managing taxes, payments, and insurance.
- To make their estates easier for their heirs or in the case of a divorce.
- You don’t have to worry about foreclosure or bankruptcy, default, or property devaluation.
How can I sell my mortgage note
After you’ve decided to sell your mortgage note you can begin the process.
Selling a Note.
We recommend you gather all the information and paperwork you need to present prospective note buyers in order to save time and avoid frustration. These will include the sale price, lien information, current payment terms, type of payment, and a description of the property. You will need information about the leasing and zoning of the property, as well as the environmental history. This information will make it easier to get a quote.
Next, find a buyer for your mortgage note. To establish comfort, ask questions, and receive mortgage note quotes it is a good idea contact multiple note buyers. It is particularly important.
It is important to find a trusted buyer who you believe will be a valuable resource, and has high integrity and honesty (which we will discuss later in this series).
Each note buyer will have their own process. However, most buyers should be able quote you within two business days. You are not required to sell to the buyer if you get a quote.
We can help you answer any specific questions if you still have doubts about whether selling your real property note is the right decision. Next week’s topic is on how note buyers decide the value of a note. If you have any additional information, please let us know.
You have any questions or comments you would like to share with others? Please leave them below. We will be glad to reply.
We look forward to seeing you next week.