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.
- 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.
- 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.
- 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.