Jeremiah

5. Talk to as many note buyers as humanly possible. Be sure to give important information like the property type, sales price, payment per month amounts, current balance due, etc. If they are intersted genuinely, they’ll talk to you within 2 days.

6. When you eventually get an offer that you deem goodd, you’ll have to fax copies of the original Mortgage or Deed of Trust paperwork, the Note itself, the closing or Settlement Statement of agreements, and the Title Policy. If an appraisal has not been done recently, they will go ahead and ge tone done.

7. Processing time varies, so be sure to ask. AFter you finally agree to the offer you deem good for you, fax or send the correct paperwork via email, online, or snail mail, and you should expect to receive a certified check or electronic transfer to your account within 10 to 15 business days.

Now that you have your guidelnes, notes with a balloon payment at the end of the amortization schedule always receive a larger price. Very long term notes sell for more too. Those are notes that have had payments made on them made on time for a while (and have an establishedh istory). A few risk-taking note buyers will buy new or questionablely late paid notes, but if you can wait until after 6 to 12 payments have been made, you are gauranteed to receive a much better offer.

Bigger interest rates with much shorter loan periods will net you more cash too. Consider this before you sell the home, if you think you might be able to sell the note from it in the future.

You can pawn off the second mortgage notes, and other second-place real estate notes as well. Note buyers will view these notes in a different light, however. The first and second place notes can’t add up to much more than 70% of the value of the property (loan to value ratio), or you’ll be looking at a steep discount in the lump sum offer.

Discounts, by the way, will almost always seem sharp. It is extremely commonplace for note buyers to want to buy the real estate notes for 70-80% of the value of the balance remaining. If they can’t make money on the deal then why bother buying real estate notes from you?

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