Mortgage note buyers from Washington state are offering top prices for distressed mortgage notes.

Here Are Several Things To Consider When Choosing A Washington Mortgage Buyer

Do you think that the person on the phone sounds knowledgeable and trustworthy?

Is there an easy way for you to get to know him/her better?

If you do an online search for a product or service that you’re thinking of buying, are there any negative comments about that particular brand or business?

At this time, Washington does not mandate that real estate agents must be licensed.

However, it is a good idea for them to become licensed if they want to continue working in the field.Experience – Make sure the Washington state property owner has been working there for at least 5 years. This shows they’re skilled and knowledgeable.

BBB Accreditation – Does the business have an A+ rating? ELM Capital enjoys an A+ rating and five star reviews since becoming a member of the BBB.

People who used owner-financed mortgages to sell their homes could eventually want to sell them to a Washington loan servicer. Luckily, the Washington real-property market has been relatively stable compared to markets like California and Florida. However, properties everywhere are affected by national economic and real-property conditions to one degree or anther.

A home loan is an agreement between a borrower (you) and lender (the bank). You borrow money from your bank to buy a house. Your loan is secured against the value of your new home. In return, you make regular repayments to your bank until the loan is repaid in full. When you pay off your loan, you own the house outright. To get started, check out these helpful resources: http://www.bankrate.com/brmr/mortgages/home-loans/what-is-a-home-loan.aspx http://www.bankrates.com/brmr/?q=What+Is+A+Home+Loan&t=1

The Mortgage Note Selling Process

Note investors usually follow these basic guidelines when purchasing a new issue of debt securities:

Once the lender has determined that the borrower qualifies for a loan, the bank sends a package of papers to the borrower including a copy of the contract (loan), a copy of the promissory notes (mortgage) and any other paperwork that needs to be signed by both parties.

Once the lender has reviewed and approved the loan application, they order an appraisal and a title commitment. Upon receiving these items, the bank prepares the assignment document(s) and sends them to the borrower for execution. The borrower signs the assignments and returns them to the bank along with the original promissory notes and deeds of trust.

After completing all of the steps listed above, the note buyer would then wire the funds from the note seller to the note buyer and record the assignment with their local county clerk.