How To Receive Top Dollar
With interest rates near historic lows there has never been a better time to sell a privately held mortgage note. Here are some important steps to take if you are considering the sale of your private mortgage investment.
- Step 1:
- Locate your documents; including the note, settlement statement from the property sale and your mortgage or deed of trust. It is important to have complete and accurate information available when you talk with mortgage investors.
- Step 2:
- Do your homework. Contact a number of mortgage note buyers. Ask them how they do business, learn as much as you can and request a purchase proposal from each of them.
- Step 3:
- Make your decision about selling. If you decide to sell your note we suggest doing business with the company that offers you the best combination of price and service.
- Step 4:
- Enter into a purchase and sale agreement with the company you choose to do business with. Before you sign the agreement, be sure to understand who pays the transaction expenses and make sure you are not responsible for any charges if the sale does not go through.
- Step 5:
- The sale should be closed at a title company or attorney’s office. This is the best and safest option for you because it will provide a third-party closing agent to protect your documents and sale proceeds. The Mortgage Buyer offers this closing service to everyone we do business with.
Taking these steps will provide you with multiple purchase offers to consider and give you some good insight into the type of company you will be doing business with. Choosing the best company to work with is as important as receiving the highest sale price.