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How to Sell Your Mortgage Note

May 17, 2022 By Admin

Want 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 have wondered about selling the real estate note. Here is 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 documents:

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

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 what 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 a payment history, insurance policy, and existing title report.

Step #5 – Appraisal

The note investor will order an evaluation of the current property value and the property condition. 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 or other liens, they 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 cashiers 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 upfront to gather your information and documents and we will handle the rest for you!

Click Here to Request a Free Note Analysis!

Filed Under: How to Sell My Mortgage Note Tagged With: Indiana note buyers, note buyers, sell contract, sell mortgage note, sell trust deeed

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  • How to Sell My Mortgage Note
  • Protecting Mortgage Note Values
  • Seller Financing Tips
1910 St. Joe Center Rd #34 Fort Wayne, IN 46825
Phone: 260-440-7443
info@cassidyinvestments.com