When I first decided to sell my mortgage note, I knew little about the actual process. While I wasn’t educated in the process itself, the thought of pursuing this goal to convert my note into cash seemed daunting to say the least. In hindsight, it gave me the feeling of apprehension and anxiety that was very similar to how I felt before I bought my first piece of real estate. I didn’t know quite what to expect or quite what to do. I imagine there are others out there who are hanging onto their notes longer than they truly want to be, and I am writing this to educate you about the process.
I entered the waters of selling my mortgage note with caution. The last thing I wanted was to mess up in some fashion, such as overlooking a key detail or missing some important piece of information, that ended up resulting in me losing money. So I did a lot of research, and I made one initial contact with a note buyer to test the waters. From that initial contact, however, I learned that there are some pretty clear cut strategies that can get you through the process faster.
Obviously the first step in the process is to shop around for the best deal, and having a package of information put together is the easiest way to do that. Based on the information my initial contact needed, I developed a package of information that I later used to shop around.
My goal to sell my mortgage note was riddled with questions, and so I would suggest that you not be afraid to get your questions answered fully. The internet is a great source of information, but don’t be afraid to ask those buyers you are working with, too. Once you have all of your offers in and your questions answered, you then decided which offer to accept. Before you make the decision fully, I would recommend that you proceed with researching the company to make sure they can deliver on their promises.
The final leg of my journey to sell my mortgage note involved me tying up a few loose ends with the buyer, which larger was filling out forms and signing papers. After a few more days’ time, the cash was sent to my account in a wire and the note was transferred to the buyer. It was much easier than I thought it would be, and now I thankfully have the cash I need in hand.
By Martin Fisher