Steps Involved with Selling Your Note

Steps Involved with Selling Your Note

Once you accept an offer for your note, we will send you a commitment letter that spells out the basic terms.  The closing process that follows is straightforward, requires minimal effort on your part, and can generally be completed in about 30 days if no unusual circumstances arise.

  1. DOCUMENT REVIEW:   We will ask you to send copies of your loan documents including mortgage/deed of trust, note, closing statement from the real estate sale, title insurance policy, fire insurance, loan payment record, etc.
  2. DUE DILIGENCE:  After receipt of these the documents, buyer will set up an escrow and conduct due diligence including payer credit evaluation, appraisal, title review, etc.
  3. CLOSING:  All the legal documents needed to transfer ownership of  the mortgage from you to the buyer you are produced, executed and recorded and funding takes place.  Buyer pays for normal closing costs.

Occasionally, purchases have to be renegotiated or canceled if the review process uncovers problems that can’t be corrected. This doesn’t happen very often; and if it does you have the right to cancel the transaction without any obligation.

Our approach to securing top dollar for note sellers is unique to the industry. We not only evaluate every note for our own portfolio, but we immediately present it to a select group of independent investors with whom we work on a daily basis.

This process works directly to the advantage of the note seller. In a typical grouping of buyer bids, several will cluster in the middle, one or two will be lower, and one or two will be higher. This is exactly what we want - to foster competition and get the highest possible price for your note.

To understand 1) your options of selling all or part of your note, 2) note pricing and how much you can get for your note, and 3) steps involved with selling your note, simply go to the links below.

Preferred Note Investors | 704-490-1757 | larry@preferrednoteinvestors.com