You have an owner financed mortgage. You want to sell it. You’ve taken the first step and found a note finder, who can give you suggestions about what terms are desirable to note buyers. Now, 3N Industries it’s time to let them in on the good, the bad, the ins and outs, and the general skinny about your mortgage. Here are the main pieces you need to provide: editorialweb
The interest rate of the note
The date of sale
The selling price
The number of payments made
This is not rocket science. You deal with these numbers every month. There are other numbers needed, editorialweb depending on the type of note, but if you’ve kept good records, you’ll have what the finder needs. Some sellers worry that they won’t be able to know or locate the required information to get started. The reality is that most of these stats you can rattle off the top of your head. So there’s no need to fear the conversation with the finder. You have the knowledge. Knowledge is power. twodaystrip
Something to keep in mind is that note finders are not allowed to give legal advice or to help you with the creation of a note. But whatever type of note you’ve already created, a respectable finder will be able to point you to a buyer for your specific type of note.
A note finder is not a real estate agent.
Another good thing to know up front is that a note finder will not “show” your note, rarestartup like a real estate agent would show your house, nor will a finder act as any kind of a broker or representative. The finder is really like a bridge connecting you with someone looking to buy your particular note. Once the buyer commits to buying your note, he or she will complete the deal. The finder’s job is essentially done.
If you need cash liquidity right away after the sale of your property, startupshade it’s a good idea to already have found your note finder. A finder will not only match you with a buyer for your type of note, but he or she can also give you invaluable information about the characteristics of payments that buyers are looking for. So it’s really never too early to make a note finder your partner in getting the best buyer for you.
What is note seasoning?
Not every buyer wants to buy a new note that hasn’t collected payments for at least a year. This is called seasoning, and usually, rareheadlines the more seasoning the easier it is to find a buyer. However, unique buyers are out there who want those less seasoned notes, and a note finder will be able to help you find them. Without a finder’s help you may be able to sell the note quickly, but you could end up collecting payments for a much longer time than you wanted, because you can’t locate the right buyer. So plan ahead and find a reputable note finder. A good one will save you many headaches.
