Sell My Note – Follow These 3 Simple Steps to Get Cash Fast
Have Just You asked yourself,How do I sell my note?
There are many good reasons that you may want to sell you real estate or business note, we can help you decide which is the best option for you.
There are several ways you can sell your promissory note:
- Sell The Whole now for a cash lump sum
- Sell part of the note and retain the remainder of the note
- Sell part of the monthly payments of the note.
These are 3 ways to a sell a note to note investor, the best solutions for the note holder will depend on how much cash you need immediately.
3 Simple Steps to Selling Your Note Fast
Fill out the simple form, with some basic information about your real estate note or business note: Name.Email,Phone,Note Amount etc
We will contact you and will ask you for some more details about your note so we can make you an offer.
We will make you and offer based on the information you have given us. Once you accept the offer we can close in as little as 15 days but most of the time it will take about 30 days as there is some paperwork we will need to work on together.
Documents Needed to Sell My Note Quickly
- The original note if possible, if you have lost it, there are few things we can do to correct that, please contact us to discuss how we can help with that.
- A copy of the security instrument, this is normally a mortgage or a trust deed (deed of trust)
- Payment history on the note
- Proof of title insurance
- Proof of property Insurance
Things that affect the value of your promissory note
The way you create a note can have a dramatic effect on the value of the note, here a few things to consider.
Down Payment Amount
Taking 20% of more down payment when you sell a property and carrying the remainder is generally considered relatively save for a note investor, if you take back less most note investors will discount the note to decrease the risk to the investor. If you are selling a business note 30% or more is generally needed before most investors will consider buying a business note. If you sell a property or business with zero or very little down payment, this will decrease the value of the note considerably.
Term of the Note
If you given the property or business buyer a very long time to pay on the note, this will also decrease the value of the note. Note Investors/Note Buyers like to see short term on there notes they buy, 5 years or less are highly desirable, 7 - 10 years are also desirable, if your note is more than 10 years you will see a bigger discount on the note.
Interest Rate on The Note
Many time a note is written with zero or a very low interest rate, this is not a good for a note buyer, he is looking for a good return on his money. Generally speaking a good interest rate for owner financed / seller financed note is between 7 - 10 percent.
Credit Rating of the payor
If the person paying on the note has a poor credit score below 620, this will again effect the value of the note. Many note investors will buy notes will a lessor credit score but they will look at other factors.
Payment History on the note
Many note investors like to see 6 months or more of payments before they will consider buying a note. Some note buyers will purchase will less payment history but they will look at other factors such as credit rating,down payments and value of the collateral.
So these are some of the things if I want to sell my note quickly, hopefully you decide to choose us as your preferred note buyer