Once you receive an offer for your note, we
will send you a commitment letter that simplifies the basic terms. The closing process that follows is simple,
requires minimum effort on your part, and can normally be completed in about 30
days if no unusual circumstances arise.
DOCUMENT REVIEW: We will ask you to send copies of your loan
documents including Mortgage note investors
trust, note, closing statement from the real estate sale, title insurance
policy, fire insurance etc.
DUE DILIGENCE: After getting these documents, the buyer will
set up a bond and conduct due rigour including payer credit evaluation, title
review, etc.
CLOSING:
All the legal documents requirement to transfer ownership of the
mortgage from you to the purchaser you are produced, perform and recorded and
funding takes place. Buyer pays for
normal closing costs. Sometimes, purchases have to be renegotiated or cancelled
if the review process bare problems that can’t be corrected.
you own rental property, you might want to
consider selling your mortgage note to an investor. Doing so can help you
obtain a lump sum of cash to pay off debt, medical expenses, college tuition or
other expenses. The amount of money you can receive will depend on various
factors such as the type and location of property, interest rate and credit
worthiness. If you have never sold a real estate note to an investor, you would
be wise to conduct research or work with a professional, in order to fully
understand the process.
The first step for Mortgage note investors
involves providing information about your property. Future investors will
want to know the face value of the note, balance due, interest rate, how many
payments have been made, if the note is current, and the asking price. Prior to
speaking to investors, be certain to arrange your paperwork and have everything
ready when you meet.
Typically, investors will need a few days
to review your proposal and give you an initial offer. If you accept the offer,
additional documentation will be required before the deal can be settled.
You'll need to give a current tax return, income, title insurance etc.
Next, an appraisal of the property is
required. Some Mortgage note investors
will require the services of a professional
evaluator. The investor may or may not bear this expense. It will depend on the
terms of your talk. A few investors only require a "drive-by"
inspection; however, it's wise to be prepared to hire a professional real estate
appraiser if one is required.
