Problems in Selling a Real Estate Note 772-232-2383

selling a rel estate noteThinking of Selling a real estate note?

So you sold a property and acted like a bank and financed the purchase by taking back a promissory note secured by a mortgage, land contract or deed of trust.  Now it may be time for you to consider selling a real estate note to take care of other financial obligations or investment opportunities. Well how do you go about it?

First, locate a reputable note buyer. You can do that by talking to friends who have sold real estate notes and getting their recommendations. And, you could search the internet for a note buyer in your particular city or state.

But what are the issues that you might have to overcome?
The first thing the note buyer will look at is how the borrower is performing on his/her financial obligations. The note buyer will look at two things: how has the payer performed on his real estate note with you how has he/she performed with his other creditors.
As this is a risk reward business… the stronger the payer’s credit, the less risk we have to take, and the more twe will pay.for the mortgage or trust deed.
Next we look at the property securing the real estate note. We grade the mortgages with the single-family owner-occupied home being the most desirable.  Because if the borrower runs into financial difficulties and has more bills than money each month, the house payment will generally be the last payment he will fail to make… as he needs to live somewhere.
Next will look at the note itself. How long has real estate note been in existence? The longer it has been in existence, the more proof we have that the borrower is serious about making payments.
How much equity does the borrower have in the property? The  more money, the borrower has at risk, the more likely he is to solve his problem in the event of a financial upset.
How about the terms? Generally the larger the payment, the more will pay for the note. So all things being equal if one note is written at 4% and another note is written at 6% for the same principal amount over the same period of time, will pay more for the note with a 6% payment.
There are a lot of issues when you are thinking of selling a real estate note. Probably the most important factor in selling a real estate note is that you choose a note buyer that you know, like and trust. Talk to each note buyer, ask questions, satisfy yourself that the note buyer has your interest at heart. Be sure to check out you note buyer’s experience and customer testimonials/reviews.
At American Funding Group, we are happy to answer any questions you may have.  Please call us at  772-232-2383 or fill out the form on this page.
If you do contact us, you may be assured that we will treat you in he way that we want to be treated and we will help you in any way that we can.

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