Read on for tips on how to sell a mortgage note fast or fill out the form below.
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Here are some tips on how to sell a mortgage fast.
You know that selling your mortgage note can provide a lump sum of cash, but the process can take some time and effort. Here are some steps you can take to expedite the process:
The most important thing you can do is find a reputable note buyer.
Look for a reputable note buying company with a track record of purchasing mortgage notes. You can do an online search or ask for recommendations from friends or real estate professionals. Also be sure to check out our testimonials and our Goggle reviews.
If you really want to sell a mortgage fast, gather all documentation prior talking to a note buying company.
You’ll need to provide documentation for any note buyer. In your initial discussions with a mortgage buyer, be sure to have your promissory note, mortgage or deed of trust, closing statement and payment history available. If you reach agreement with the note buyer, you’ll also need a copy of the title insurance and hazard insurance. So, it makes sense to have all necessary documentation in order before approaching a note buyer.
If you want to sell a mortgage fast, complete the two steps above as soon as you can.
Establish the value of your mortgage note.
In conversations with mortgage note buyers you will be able to get an idea of what your mortgage note is worth. The value of your mortgage note involves factors such as the remaining balance, interest rate, payment history, and the creditworthiness of the borrower. Your conversations with note buyers will give you an estimate of your note’s value.
Negotiate any remaining issues.
Once you’ve found a potential buyer, you’ll need to negotiate any remaining issues. This includes locking in the purchase price and how/where the sale will funded and any fees you may incur. At American Funding Group, you will never incur any fees.
Close the sale and receive your funds.
Once you’ve agreed to the terms, you’ll need to sign the necessary paperwork and transfer ownership of the mortgage note to the buyer. In most cases we will provide a traveling notary to get your signatures on the closing documents. The sale proceeds will be transferred to you at closing.
It’s important to note that the timeline to sell a mortgage fast can vary depending on a number of factors, including the complexity of the transaction, the seller’s promptness in providing documents, the buyer’s due diligence process (timeliness in obtaining appraisal and title work).
As mortgage note buyers for over 30 years, we have been helping note holders just like you in all kinds of situations… to sell a mortgage note fast. If you want to free up cash in any real estate note you own… we will help!
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