Frequently Asked Questions And Concerns
This Seems Complicated
If you spend some time on this website and elsewhere, you may find more information than you need. How far you take it is up to you. Either way, we can keep this process simple. The sale of a note requires that the seller answer some questions to start, make a decision whether to accept an offer and then provide the requested paperwork, such as the note and mortgage or trust deed. Other than that, it's waiting for myself and others to do most of the work.
What Are The Advantages Of Selling My Note?
This process provides flexibility. Your note is an asset that you own. Yet most note holders settle for the limitations of simply collecting their payments over a period of years, subject to the reliability of the note payor. Selling your note gives you the flexibility to use your asset in creative ways now. Selling part of your note now, may be the most flexible way of using your note. Here are some other advantages of selling your note:
- You free yourself of a note that you may have never wanted in the first place.
- You no longer have to wait for your money.
- You eliminate the stress of collecting slow payments.
- You eliminate the chance that you will have to undertake a foreclosure.
- You receive the lump sum of cash you need to eliminate a problem or to take advantage of today's opportunities.
What's The Downside?
- You lose some or all of your monthly income.
- You may have tax implications.
- Due to the time value of money and the risks involved, notes are sold at a discount.
What Will This Cost Me?
Unless otherwise agreed, all closing costs are paid by the note purchaser. This includes the cost of any appraisal, title search and credit check. The only cost a note seller would pay, is for an attorney should the seller decide to hire one.
How Will Selling My Note Affect The Person Making The Payments?
Only by changing who they make their payments to. All other terms and conditons of the note remain the same.
What Can I Do To Make This Process Go Smoothly?
- Provide accurate, complete information, beginning with the worksheet.
- Be open to working together to make a deal that meets your needs.
- The faster you provide information and requested paperwork, the faster you will be paid.
- If you have any questions or concerns along the way, please let me know. Email is best.