The first step in selling your mortgage note is to get a quote. Once you find a quote and buyer you are comfortable with it is time to accept that quote. This is when the process of selling your mortgage note really gets started. In fact, it is quite similar to buying or selling a house. When an offer is accepted, the paperwork process begins.
During the quote process, ensure the note buyer clearly explains the steps needed to close the sale; it should be a very streamlined process. Upon accepting a quote, you will be asked to sign a purchase agreement and submit the necessary documentation to begin the underwriting process. The note buyer will need to order a title report as well as an appraisal which could take time depending on the location of the collateral that is securing your note and mortgage.
Once the underwriting requirements have been satisfied you will be given a specific closing date. The whole process can take anywhere from 2 to 4 weeks depending on how long items such as title reports and appraisals may take to receive.
Because selling a mortgage note requires multitudes of paperwork it is imperative you work with an experienced mortgage note buyer like Investors Financial. Our process is proven to be as stress free as possible and we are always available to answer any questions you may have along the way. If you are thinking of selling your mortgage note, give us a call today to receive your free no-hassle, no obligation quote.