Answers To Common Questions
Why Should I Sell My Real Estate Note?
PEACE OF MIND
Usually a contract is acquired in lieu of the cash actually desired during a real estate sale. If retained long enough, many contracts will eventually pay off. However, by selling all or part of a mortgage you will never again have to worry about:
· Collecting the payments
·
Default and Foreclosure·
Destruction/devaluation of the property·
Federal Income Tax reporting requirements·
Bankruptcy of the payor·
Divorce or death of the payor·
Abandonment of the property·
Deficiency judgments·
IRS tax liens/other liens against the payor·
Assumption of your note by another payor
What Are Some Common Reasons People Sell Their Notes?
·
To pay off debts with a higher interest rate·
To pay unexpected debts such as hospital bills·
To pay for tuition, vacations, or new cars·
To settle estates or divorces·
To relieve bookkeeping and collection burdens·
To invest in a business, stocks, real estate or other more profitable venture·
Tired of collecting small monthly payments and want to enjoy the cash now·
Did not want to carry the note in the first place
What Is My Note Worth?
The value of a note is established by a number of factors, including: type and location of the property, condition of the improvements, structure of the note and mortgage, credit of the payor, priority position, interest rates, and much more.
How Long Will It Take To Receive Funds?
Generally, after we have received the necessary documents and information, it usually takes only 10 working days to process and record the documentation and complete the sale.
Will Selling My Note Have An Effect On The Person Paying Me?
No. All terms and conditions set forth in the original note and mortgage remain in force. The only change will be to whom and where future payments are sent.
Can I Sell A Portion Of My Note?
Yes. We call this a partial purchase. In some cases you may require only a specific amount of cash to make a purchase, handle an emergency, etc. In this case you might choose to sell only a few years of the payments to receive the specific amount desired.
Will I Need To Attend The Closing?
Not necessarily. We can close the transaction by sending you a closing package by overnight delivery along with easy to follow instructions.
What Is Required For A Free Analysis Of My Note?
Basic information that is easily obtained from the closing documents and note.
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