What are the 5 most critical factors in selling a Florida mortgage note?
When you sold your property, you decided to take back a mortgage, to act as the bank for your borrower. But your situation has changed, and you really want to sell your Florida mortgage note.
So, what are the 5 most critical factors in selling a Florida mortgage Note?
Let us go through each factor one by one. As we do so, keep in mind that this is a risk-reward business. The more risk you are asking the investor to take the last, the less he can pay for the note. Correspondingly, the less risk for the investor, the more he will pay for the note. So let’s get to the 5 key factors::
- The first of the 5 critical factors in selling a Florida Mortgage Note is… How strong, from a financial performance point of view, is your borrower? How has he performed on his financial obligations? How has performed on your mortgage note? Have all payments been made on time? We look at two things here. First how has he performed on his obligation to you? And second, how has he performed with his other creditors. We will pull a soft credit report (not affecting his credit score) to determine this.
2. The second of the 5 most critical factors in selling a Florida Mortgage Note is the value of the property. What is the relationship of the amount owed on your note to the value of property? Keep in mind that if your borrowers owe more than the property is worth, the most an investor can do is buy part of the note. Your investor will generally not pay more for your note than he can recover in the event of default.
3. Does the property have clean title? When you sell your real estate note, you must sell it with a clean title. We normally have a title company pull a title report. If possible, we like to use the title company which was involved in the original sale. In our 30 + years of buying mortgage notes, we’ve never had a title issue that we could not resolve.
4. One of the 5 most critical factors in selling your Florida mortgage note is the payment record of your borrower. Has he made all of his payments on time? We will need to see proof of payment for at least six months as part of our due diligence process.
5. But perhaps the greatest of the 5 most critical factors in selling your Florida mortgage note is the Integrity of the person / company buying your note. All of us have been in situations where we could tell that the person, we were dealing with, was more interested in getting into our wallet then they were in solving our problem. Make sure make sure that you thoroughly check out your buyer. Perhaps the best way would be to check his referrals and check his Google reviews.
Here at American Funding Group, we have spent over 30 years buying mortgage notes. In that time we have received many, many testimonials and Google reviews. Check our what other note sellers have had to say about dealing with us, here. And, you can check out our Google reviews here.
Know that if you deal with us that your requirements will be top priority. Also know that we would appreciate an opportunity to do the best that we could for you in your situation. For a fast and fair offer on your real estate note, please out the form on this page or to speak with one of our note buyers please call 772-232-2383.
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