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You could potentially get the best price paid for your owner financed mortgage note by following these steps!

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EditSteps

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    Consider why you would want to tell or what you need the cash for, just to make sure you are making the right decision.
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    Decide whether you want to sell the entire note, just a few payments or split payments where a portion goes to the company you sell to and a portion goes to you business as usual. Your decision may be different depending on whether you want to pay excessive medical bills, fund a college education or simply purchasing a car.
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    Gather important documents and/or information if you do not have it handy already. The requirements may be different depending on what company you choose to work with.
    • Be sure to keep a copy of the promissory note, the underlying balance, any title policies and what type of recorded document the note is secured with.
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    Feel free to shop around and do your research. You can get free quotes from companies just by answering a few simple questions. The last thing you want to do is to be swindled and cheated out of money for something YOU invested in!
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    Know what to expect. The amount of money quoted to you will depend on 4 things mainly. The amount of equity, the amount of seasoning, the amount of interest and the credit of the payer.
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    After you have decided to go forward with the sale, you will must sign a Mortgage Purchase Agreement before the transaction will be processed.
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    As the verification process continues, provide the needed information on the seller and the note being sold along with documents so that it is possible to underwrite the deal and get you the seller one step closer to that extra cash you were looking for.
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    Once it is time to "close" on this deal, there is usually a meeting place such as a Title Company, an attorney's office or through overnight mail. If meeting at the title company or the attorney's office is chosen then the money is wired to the seller's escrow account normally and a time is arranged to sign the documents and receive the money. If the overnight mail option is chosen, the seller will sign and notarize the documents and provide bank wiring instructions. Please choose whichever way you feel most comfortable with.
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    EditWarnings

    • There are dozens of companies that are not reputable, therefore it is extremely important to do your due diligence.

    Article Info

    Categories: Banking

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