Sell A Tennessee Mortgage Note To The #1 Note Buyer

The Volunteer State, extending from Memphis east to Bristol along the Mississippi River, is the 17th largest state and ranked 36th in size. Selling a home using an equity loan is a popular method among Tennesseans. Banks are often not involved in these transactions, so they can be completed much quicker and easier. Once the sale takes place and a promissory note is created, you may choose to either hold onto the note or sell it.

Guidelines to Get Started

Here are some basic rules for setting up the transaction and loan documents:When buying a new car, try to get at least a $10,000 down payment. For houses, try to get at lease a $20,000 down payment.You should sell to someone who has a good credit score and pays his/her bills on schedule. This reduces the risk of a future default.You should hire an attorney or title company if you’re not familiar with real property law. Only people who’ve worked in realty for years should attempt to draft their own documents.

Now that you’ve sold the property, what’s next?

The transaction has closed, and the buyer has started paying you. You’ll have a choice to make. First you can choose to keep the note and get all of the payments yourself, or you can return the money to the buyer and let them pay you directly. The risk with returning the money is that they might not pay you back. They might just take your money and run. But if you do end up getting paid back then you’ll have a niceA possible default by the buyerKeep track of any changes in tax rates and insurance premiums so you don’t get hit by surprise increases later on.It may take some time before you see any returns from your investment. There could be changes in the real estate markets or in your buyers’ financial situation.

In order to make money off of your Tennessee notes, you’ll need to find someone who can buy them. You may consider selling your notes to a company called Seascape Capital. They’re an excellent option because they review every potential client’s situation before offering any services. When you contact Seascape Capital, they’ll walk you through the entire process so you know what to expect and how much your notes might be worth. After you’ve decided on a price, you’ll send your notes to Seascape Capital and they’ll take care of everything else.You will need to provide copies of all relevant documentation and some basic information.The appraiser will charge $500-$1,000 for an appraisal, which may cost up to one week to complete. A lender will typically require at least three days to conduct a full property search before they decide whether to approve your loan application.Your assignment document will be sent to you by email from the lender, which you will need to sign and send back to them along with the original loan application and the original mortgage.Depending on which type of investment you choose, within one to five business day, the funds will either be wired into your bank account or a personal or company checking account.

ELM Capital, a national realty note buyer, has been in business since 2002 and has always maintained an A+ rating from BBB.