United Note Online

  • Home
  • About
  • Articles
  • FAQ
  • Quote Request
  • Contact Us
You are here: Home / Featured Articles / How to Sell Your Mortgage Note

July 17, 2016 By Kenneth Younger

How to Sell Your Mortgage Note

How to Sell Your Mortgage NoteWant freedom from collecting payments for the next 10, 20, or even 30 years?

Prefer a lump sum of cash today?

If you sold property with seller financing chances are you’ve wondered about selling the real estate note. Here’s how to sell a mortgage note, trust deed, or contract in 7 easy steps.

Step #1 – Request a Quote

Just complete a short informational worksheet to receive a free no-obligation quote. This can be submitted online, by fax, or over the phone.

Step #2 – Provide Document Copies

To get started note buyers like to see copies of these three documents:

  • Settlement Statement
  • Promissory Note
  • Mortgage, Trust Deed, or Contract

It is also a good time to be sure you know where the originals are located, especially the Promissory Note, as they will be requested at closing.

Step #3 – Accept Offer & Agreement

Once an offer is accepted it will be outlined in a written agreement. In addition to stating the price, the agreement will specify conditions of closing and who pays costs.

Step #4 – Note Buyer Review

The mortgage note buyer will perform a detailed review of the transaction, known as due diligence. This includes a review of the buyer’s credit, current tax and insurance status, payer interview, and other important items. They may also request copies of additional documents including payment history, insurance policy, and existing title report.

Step #5 – Appraisal

The note investor will order an evaluation of the current property value. This usually takes the form of a Broker’s Price Opinion (BPO) or Drive-by Appraisal. The investor wants to be sure the property value is still equal to or greater than the sales price. If the value comes in low, the note investor may present a revised offer for consideration.

Step #6 – Title Search

The title search verifies ownership of the property and the mortgage note. It saves time and money to work with any title report that might exist from the original sale date. If the title search shows money is still owed on a prior mortgage it will usually be paid from proceeds.

Step #7 – Closing

When all steps are complete the note buyer will send the final closing documents for signature. The title company is often used to handle the exchange of money for the original note and transfer documents. Funds are typically paid in the form of a wire transfer or cashier’s check. You are also encouraged to have your attorney review and advise with the closing process.

We are Here to Help!

Selling your mortgage note can be a simple process when you work with an experienced note buyer. Just take a few minutes up front to gather your information and documents and we will handle the rest for you!

Click Here to Request a Free Note Analysis!

Filed Under: Featured Articles, How to Sell My Mortgage Note Tagged With: note buyers, sell contract, sell mortgage note, sell trust deed

We invite you to contact us!

Please feel free to call our office at (240) 301-1030 to receive your free note analysis.

Article Categories

Recent Articles

  • Options When A Note Starts To Go Into Default
  • What is Note Seasoning?
  • What are LTV and ITV?
  • What are ‘Face Rates’ and ‘Discounts’ On Notes?
  • Partnering with Financial Professionals in the Note Business
  • When Is The Right Time To Sell Your Note?
  • Selling A Mortgage Note Is Not Just About Price
  • Is it Time to Sell Your Note?
  • What Is Real Estate Note Due Diligence?
  • Top 21 Reasons For Selling Mortgage Notes and Trust Deeds
  • Mortgage Note Buying Team Members

Connect With Us

Welcome to United Note Online! We realize that selling your mortgage note can be one of the most important financial decisions you make.

Learn How We Can Help Here...

If there are any questions regarding this privacy policy you may contact us

 

Recent Posts

  • Options When A Note Starts To Go Into Default
  • What is Note Seasoning?
  • What are LTV and ITV?
  • What are ‘Face Rates’ and ‘Discounts’ On Notes?
  • Partnering with Financial Professionals in the Note Business

Increase The Value of Your Note By Receiving A Resourceful and Free e-Book, today!

Download Now!

Name(Required)