How Long Does it Take to Sell a Mortgage Note?
Posted by Admin on September 23, 2015 | 0 Comment
A mortgage note is created through the sale of owner-financed real estate. When you close the sale on your seller-financed property, you’ll receive a promise from the buyer to repay you installments over a certain period of years. This document is the mortgage note.
As a mortgage note holder, you receive monthly payments from the borrower, plus interest. Many note holders choose to sell their mortgage note to a mortgage note buying firm. By selling your note, you’ll receive a sizeable return on your investment up front, and the note buyer will assume the full risk as the new note holder.
Most people who are considering selling their note have the same question in mind: How long does it take to sell a mortgage note? The answer to that question may vary depending on the buyer you choose. Amerinote Xchange, for instance, has over 10 years of note buying experience and makes the process as simple and quick as possible. The complete process of selling a note to Amerinote Xchange takes 15 to 35 days.
The exact time frame will be determined by a variety of factors, including the location of the property, the availability of local appraisers and the availability of title companies providing the title search. And, as the note seller, you are not responsible for the fees associated with the purchase of your mortgage asset, such as appraisals and title fees.
Selling Your Note
After you find a reputable note buyer, you want to request a quote. The value of your note will be influenced by the remaining balance, the interest rate, the borrower’s credit, the property secured by the note and the repayment period. The note appraiser will take all of these factors into account and determine the appropriate value for the note. From there, you can choose to accept the offer, which can be either a full purchase offer or partial purchase offer.
If you accept the offer, you will then have to submit a series of documents for the note buyer to verify, and the note buyer will have the appropriate persons complete an appraisal and title search. Once all of the necessary steps are completed, you and the note buyer will schedule a date and time for closing, and you can expect to receive your wire transfer shortly thereafter.
For more information about mortgage notes, please visit us online or contact us at 1-800-698-3650 for a free quote.