August
04

For years, many sellers have financed the loan that a new buyer needs to close on a property. Before the economic downturn, this most often occurred when a buyer couldn’t obtain bank financing at agreeable terms or when the loan needed to close quickly. However, the economic downturn caused banks to tighten their lending guidelines, which left many would-be buyers wanting to buy a property and unable to obtain traditional bank financing. On the seller’s side, the economic downturn left many people with adjustable mortgage payments that were skyrocketing or made those with a balloon payment due unable to obtain financing, which put the seller at risk of facing foreclosure. So mortgage notes, or seller financing, became even more prevalent in recent years as the buyers and sellers worked a financing deal that took banks out of the picture.

However, with most sellers interested in being out from under the property entirely and wanting a lump sum of cash, many sellers are now searching for a buyer for their mortgage notes. If you are trying to sell the note you are holding for your buyer, you should first be aware that you will not be able to sell your note for 100% face value. Note buyers simply aren’t structured to assume all of the debt of the loan without some financial incentive. Instead, note buyers will make an offer to give you a lump sum of cash, and that cash payment will be based on the value of the property, the credit of the debtor, and other financing factors such as the interest rate and term of the loan. The offers may vary slightly from note buyer to note buyer, and some note buyers will not make an offer on certain loans or with loans made to high risk debtors. Other note buyers are more flexible in these areas.

Click Here To Get A Free Quote On Your Mortgage Notes!

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August
02

Many people who own both residential or commercial property have been forced to sell their property in recent years, and many who have finally sold their property have been close to foreclosure when the purchase agreement was finally executed. However, with bank financing tightening drastically in recent years, many sellers had to be creative in structuring their purchase agreements, and many purchase agreements include seller financed notes. With these types of loans, the seller carries the loan for the new buyer, accepting monthly payments on the property from the buyer rather than a lump sum of cash. From the outset, this may seem like a great way to get the property sold and eliminate the possible risk of foreclosure. However, for sellers who really need that lump sum of cash, carrying seller financed notes can create a financial hardship. The answer is sell your notes for cash.

If you’ve spent any time at all researching buyers for the residential or commercial note you are holding, you are aware that many note buyers want your financing structured in a specific way. Often if you needed to be creative enough with the purchase agreement to carry a note for the new buyer, you probably didn’t have a lot of wiggle room to conform to certain financing structures. The result is that many people holding seller financed notes find that they can’t find a suitable buyer for their note. However, the fact is that buyers are willing to analyze the loan you are holding and make you a cash offer for the note. This cash offer won’t be at 100% face value of your note, but will allow you to recoup a significant amount of your cash and will put that much-needed cash back in your pocket right away. If you are in need of a lump sum of cash and want to get out from under the note you are holding, this is the perfect answer.

Want To Sell Your Seller Financed Notes? Click Here!

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July
29

There are different kinds of mortgage notes, but if you’re looking to open a business or wanting to purchase one, then a small business note is going to be your best option. This means any small business, whether it’s a gas station, restaurant, or children’s clothing store. The note tends to be in the range of $50,000 and $150,000, which isn’t necessarily small. This can be the necessary funds to get your business off the ground.

When you purchase a business, it most likely won’t involve a real estate sale. The broker will tend to make more money on this type of note than a real estate note. The reason is most small businesses are seller-finance, which tends to benefit both parties.

If you’re interested in purchasing several small business notes, then there are different options. This can be a way to make money.  The first one is to go through a business broker in your area. Once you contact them, let them know you would like to offer cash for a small business note. This will most likely surprise them, even if they don’t have anything available at the moment. Sometimes a note seller will sell their business note so they have available cash to purchase another business.

The other way to find small business notes is to search through the Uniform Commercial Code files at the county courthouse. This will provide you with information on which businesses have been sold, as well as a contact information. Another way is to place ads in trade journals for a specific business. Make sure to mention how you broker small business notes from sellers.

Be cautious and physically look at the business to make sure it’s successful. Look at all the financial documents, then you can offer to buy mortgage notes.

Click Here To Get A Free Quote On Your Mortgage Notes!

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July
26

If you’ve been working at a family business for a number of years, there generally comes a point where you will be asked to take over. The seller wants to keep the business in the family and will often do everything possible to make this happen. This is when seller financed notes come in handy, and it’s a common transaction for families with small businesses.

It’s not uncommon for a seller’s note to be used in this type of small business transaction. One reason is seller financing is much more attractive and easily accessible in these types of acquisitions. It also tends to create a higher selling price than a transaction using all-cash. Most seller financed notes are interest loans that have gone through amortization over an agreed-upon time period after the business purchase has gone through. This means a single lump sum of cash has been divided into smaller installments. The nice thing is each repayment will pay off interest and principal, with more of the payment being applied towards interest at the beginning. More money is given towards the principal at the very end.

In certain cases, the buyer and seller will agree to defer or use only interest payments to lessen the pressure of paying the loan back. Some buyers will even take over payments, which is called an assumption. This is when the buyer takes over the mortgage payments. However, you need to be careful in this situation and really know the person taking over the loan. If the buyer would happen to default, it would show up on your credit report. This is probably only suggested in situations where you would still be able to offer guidance in the business. Seller financed notes can help a family business transition between owners without skipping a beat.

Want To Sell Your Seller Financed Notes? Click Here!

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July
23

There are different types of people who invest in mortgage notes. The notes range from land notes to wraparounds. Some deal with divorces, while others focus on larger properties. However, a mortgage note buyer generally focuses on notes funded by real estate. A real estate note is either commercial or residential and can be for portfolios or single properties. There is a lot of money in this business, and why it’s a wise investment if you have the funds.

Selling a mortgage note is appealing to some people because it provides them with a lump sum of cash at one time. It’s cashing in the receivable all at once, rather than receiving small payments every month. Maybe you’ve gotten to the point where you’re liquidating some of your properties or you need some extra financial assistance. It can help pay for college or send the family on an amazing vacation. When you sell your receivable, this can help accomplish these types of goals.

Some people sell their note to a mortgage note buyer because they’re tired of all the hassles associated with collecting monthly payments. There’s also the concern of taxes and insurance. If you have multiple properties, this can become a frustrating process.

It doesn’t take long to sell a mortgage note. It’s suggested to allow one to two weeks, especially if the broker has all the necessary pieces of information and financial documents. The process will be expedited if you help with the process and don’t linger on delivering information.

The other thing you need to do before finalizing paperwork is to research the mortgage note buyer. Make sure they have a good credit report and necessary finances to complete the transaction. Have several professionals help you with this process, because it will protect you from hassles later.

Looking For A Mortgage Note Buyer? Click Here!

Photo Credit: Mike Licht, NotionsCapital.com

July
20

Are you considering selling your seller financed mortgage to get some needed cash now?  With all of the companies out there that buy mortgage notes, how do you figure out which one will work the best for you?  Here are some different areas that you will want to consider when searching for a company that is looking to buy mortgage notes:

1. Decide what type of sale you want - Do you want to sell the mortgage note in full or only in part?  Does the company buy mortgage notes in part or only in whole?  Make sure that you know what you want and what the company can offer you.

2. Know a little bit about the company – Get to know the company that you are considering to buy mortgage notes from you.  Talk to them and find out about all of the options that they can offer you, how they go about dealing with their sales, and all of the details about their business so that you are very familiar with them and comfortable with the sale.

3. Know what documentation you need - Every company that offers to buy mortgage notes requires specific documentation for the sale.  Make sure that you get a checklist of all the documents that they will need from you to complete the sale and have everything together and ready to go when you are ready to close the deal.

4. Talk with your buyers - When you are considering finding a company to buy mortgage notes, you should also talk with them about informing your buyers.  Make sure that you give the buyers ample opportunity to know and understand the deal and how it will affect them in a positive way.  There are so many aspects to buying mortgage notes that will benefit the buyers in the long run.

Overall, it is not that hard to find an excellent company out there that can buy mortgage notes.  When you are ready to start looking make sure that you check out sites like SellMyMortgageNote.net to see what services they can offer and how they can help you get the most money out of your property.

Looking for Someone To Buy Mortgage Note? Click Here!

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July
17

If you are looking at different mortgage notes then there’s probably one available for your situation. There are real estate notes, as well as divorce liens and land sales contracts. There’s even annuities or secured attorney fees. There are approximately 11 different notes available to help people, which means there‘s help for almost any situation. They usually come from a bank or financial institution, which means it won’t hurt to shop around to find the best rates.

If you’re trying to secure a mortgage note for real estate property, then there is a number of documents needed to secure the money. This means you need a map, physical description, an appraisal and photographs. There are also documents needed when the property is being sold, which means you need to track down the original note and trust deed. Other documents needed are a real estate purchase and sale agreement, closing statements, title insurance policy, proof of hazard insurance, and evidence of down payment. There’s also information needed on payment history and the parities involved.

Before a financial institution will proceed with buying mortgage notes, they’ll need two signed permission forms. This allows the bank to contact all parties helping with the creation of the mortgage. This means the settlement agent, escrow closer, servicing agent or any other lien holders.

Sometimes it doesn’t take very long to receive a mortgage note. A lot of it depends on how big the transaction is and whether credit information checks out. Good credit history helps a person get a better interest rate on the mortgage, which is why it’s important to try to keep this score as high as possible. Your loan officer or agent will help with securing the appropriate mortgage notes for your situation. Work with them and everything will turn out smoothly.

Click Here To Get A Free Quote On Your Mortgage Notes!

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July
14

Sometimes it’s easier to sell your own house or business, at least initially. Maybe someone contacted you and is interested in purchasing the property. Before you go very far in the process, there are several things that need to be done before finalizing the offer. This is especially true if the party is interested in seller financed notes. Because it doesn’t matter how hard you want to sell your home, you need to protect yourself from future hassles.

The first thing you need to do after a buyer makes an offer on the property is to get a credit report on the interested party. There are ways to discover this and it’s necessary to see whether you should take the offer seriously. The other thing that should be done is to have the buyer get you a financial statement. This isn’t hard to do and it involves the local bank. All that’s needed is a financial statement form and it allows you to see the buyer’s financial situation. It helps you see what other properties they may have, which is important in case they would become delinquent on the current loan.

The seller financed notes need to be negotiable, which means the note will be paid for. You don’t want the word “if” included because it can make the note non-negotiable. It also can’t be subject to any offsets, which means the buyer can use the note as a deduction or compensation for another claim. This can make the note non-negotiable as well. There are a lot of different aspects that can make a note non-negotiable, which means you need to know how the process works, especially if you don’t have a lawyer to help you finalize the deal. It’s a transaction that can work if everything is done correctly.

Want To Sell Your Seller Financed Notes? Click Here!

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July
11

Anyone that has spent time surfing the Internet has probably seen ads for some type of mortgage note buyer.  Whether they are a private person looking to invest in some real estate or a larger company that is offering those in danger of foreclosure the opportunity to save their homes, a mortgage note buyer can really be a life-saver to some buyers.  But just what is a mortgage note buyer and what do they really do?  How can they help you if you are looking to get a lower interest rate or help save your home from foreclosure?

Basically, a mortgage note buyer is someone or some company that will buy out a seller financed note from a private seller.  They offer the seller a way to cash out of a property and gain a lump sum for the property instead of waiting for payments, and they offer the buyer a way to basically start again with their mortgage.  The buyer can usually work with the mortgage note buyer so that they can get a better interest rate, lower their payments, and more.  A mortgage note buyer can help out both parties in a seller financed note so that everyone is happy in the end.

So what if you are considering looking for a mortgage note buyer?  How should you go about looking for one?  Well there are several great companies out there, such as SellMyMortgageNote.net, that can give you a quote right over the Internet.  You can then sit back and take a look at all of the areas of a quote to determine if this is the right option for you.  Of course, getting all of your money in a lump sum for a property and opting out of any hassle that comes along with collecting payments, insurance, and more is more than enough reason for many sellers to sell their seller financed notes to mortgage note buyers.

When you decide to accept a quote, make sure that you have all of the paperwork and documentation that you need, such as your buyer’s information, the original mortgage, and any other documents that will be needed for the mortgage note buyer.  If needed, get a list of documentation that the mortgage note buyer needs to have from you and gather it all up to be sent at one time so nothing is lost or misplaced.

Looking For A Mortgage Note Buyer? Click Here!

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July
08

If you are looking to buy mortgage note, then there are different ways to go about this process. People who have a note for sale are usually quite frantic and need instant financial assistance. Sometimes it is one of their only options. It doesn’t mean a seller needs to rush through the situation. Actually, both buyer and seller should have the assistance of professionals. This will save both parties a lot of heartache later in the process.

The assistance of professionals can make sure the sale of the note happens legally. A mortgage note broker can handle all the necessary wording and create a structure agreement assessment. They will be able to share which avenues would be available and which ones would be better than others. Sometimes this process doesn’t work to the advantage of the person holding the note. The deal might create too much money for the value of the note. This is why a professional is necessary, because every situation is different. You want to make sure the assessment is done correctly and that it benefits you in the long run.

If you have different types of mortgage notes for sale, then find a certified broker who’s an expert in that area. Some will have experience in multiple areas, as most will handle multi-family condos, mobile homes, townhomes, improve or undeveloped land, single-family residences, and commercial properties. If you’re trying to negotiate out of state, you might benefit from a broker who is local. Legalities change from state to state and sometimes even county to county.

Once you’ve thought over what should be done, then hire a certified broker to help with the different mortgage notes and the best one to buy mortgage note. Some will even provide a free evaluation and tell you the note’s value.

Looking for Someone To Buy Mortgage Note? Click Here!

Photo Credit: Mike Licht, NotionsCapital.com

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