If you’re looking to free yourself from collecting payments on your mortgage note for the next several years, consider selling it for a lump sum of cash today. You continue to ask yourself how do I sell my mortgage note? Wondering how to do this easy and quick? Follow these seven steps.
Step #1: Request a Quote
Simply complete a brief informational worksheet below and receive a free, no-obligation quote. Submit the worksheet online, by email, or with our chatbot.
Step #2: Provide Document Copies
Note buyers will want to see copies of your Settlement Statement, Promissory Note, and Mortgage, Trust Deed, or Contract. While submitting, we recommend that you will check where your originals are located, particularly the Promissory Note as it will be necessary at closing
Step #3: Accept Offer & Agreement
Once you accept an offer, a written agreement will outline the terms. The agreement will state the price and who will pay for the closing costs along with specifying the conditions of closing.
Step #4: Note Buyer Review
The note buyer will conduct a detailed review, known as due diligence. This includes examining the buyer’s credit, the current tax and insurance status, payer interview (sometimes), and other crucial items. Additional documents may be requested, such as a payment history, insurance policy, and existing title report.
Step #5: Appraisal
The note investor will evaluate the current property value to ensure it is equal to or greater than the sales price. They may order a Broker’s Price Opinion or Drive-by Appraisal. If the value comes in low, they might offer a revised amount.
Step #6: Title Search
The title search verifies ownership of the property and mortgage note. It’s recommended to work with any existing title report from the original sale. If the title search reveals any outstanding mortgage dues, they will typically be deducted from the proceeds.
Step #7: Closing
Once all the steps are complete, the note buyer will send the final closing documents for you to sign. The title company usually handles the transfer of money and documents. Transactions are often made through wire transfer or cashier’s check. You should have your attorney review and advise during the closing process.
It can be a straightforward process to sell your mortgage note when working with an experienced note buyer. Take a few minutes to gather your information and documents upfront, and let us handle the rest!
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