Get Cash for your Privately Held Mortgage or Trust Deed Now!

With the recent collapse sub-prime loan market, and the current credit crunch many prospective homebuyers are finding it hard to obtain the mortgage loans they need. During the natural downs of the real estate market, like what we are facing now, owner financing of real estate sales, is a very popular way for homeowners to sell their properties. If you have recently sold your property-using seller financing, also called taking back paper, then you are currently holding a mortgage note or deed of trust from that sale.

If you would rather not play bank, by collecting payments and doing all of this record keeping. Or, if you simply want the cash for your note now, but you do not know where to turn to get that cash. Then here are some steps you can take to help you:

1. Make a list of prospective note buyers, which could be private individuals, a group of individuals, a mortgage lender, or bank mortgage department. You can make such a list from the local yellow pages in your area by looking under “mortgages” or by doing an internet search for mortgage buyers.

2. Contact each prospective buyer on your list and request full information on the kind of
notes they purchase, and their purchasing guidelines. Because many buyers specialize in certain kinds of notes only, or they have geographic restrictions on the note they buy. And you don’t want to waste your time with those who can’t or won’t be able to purchase your note.

3. Read very carefully the information that each note buyer sends you. And beware of any such buyer who requests any kind of advance fee for purchasing your note. Which may be called a credit check fee, or consulting fee, or appraisal fee, and what have you. No legitimate note buyer will ever charge such fees in advance. And, any kind of legitimate fees should be covered and included in the purchasing transaction. Thus, never, ever pay any kind of advance fee to anyone to purchase your note.

4. Make a selection of the note buyer you want to sell your note to, based upon the best offer you have received. And upon whether or not you feel comfortable working with that particular note buyer. Keeping in mind the fact that the buyer who makes you the highest offer may not necessarily be the one who will provide the best service through out the note purchasing process.

5. Provide all of the documents the note buyer will need to close the transaction, which is very similar to the same documents used to close the sale of your property. Such as, a copy of the note or deed, payment history on the note, the property closing statement, property insurance data, and other kinds of relevant documents.

Yes, selling your property using owner financing can most certainly help you make a sale that you might otherwise not have gotten especially in the tight economic times. Then converting that note into cash can relieve you of the hassle of playing bank, collecting payment, and record keeping. Or simply provide you with the cash you need now to achieve your goals, objectives, or dreams. But only if you know what you are doing and you are very careful during the note selling process. Now, use this article and these steps to help you get the cash you want or need now for your note.