In many cases, if you are selling a property that is free and clear – and don’t have a better use of the cash that will come from the sale — and you don’t mind watching the taxes, insurance, calling for late or missed payments, and handling any delinquencies- then holding the loan for sale of your property at a good interest rate, is a good financial decision, and can be a good investment.
When you do have a better use for the cash — or simply do not want to deal with the details, work and risks of taking the property back in case of default, then you can Sell your mortgage note to an investor like Nationwide Secured Capital. We will be happy to give you our offers for the note you are creating — and to make suggestions on how you may make your note more valuable.
***STEP 5) Fax to NSC the signed contract of sale, any terms of the Note you want to create (hopefully you have consulted on these with us in advance before finalizing the loan terms to the seller), and the completed 1003 Loan Application and Authorization to Release Credit, 1004 appraisal if you have one — otherwise, a Realtors CMA based on comparable sold properties in the area).
***STEP 6) NSC will do preliminary underwriting review and tells you exactly what we can pay for the Note with this Buyer, based on:
- Buyer credit (we obtain the credit report)
- Note terms you have indicated, and/or those we recommend
- Represented value of property
NSC provides a written purchase agreement for your Note, and will proceed with a purchase of your note that will typically close after the first payment has been received by you.
***STEP 7) You decide if this Buyer is acceptable, based on our review, suggestions to maximize value, and pricing of our offer – and you move forward or turn them down based on credit review and offer on your Note.
***STEP 8) When you decide to move forward, and you sign the NSC purchase agreement, you should order the 1004 appraisal with interior photos, and submit this to us for validation of the property value. All remaining documents are created and submitted, such as the Note, the security agreement(s), Insurance Binder, etc. You close with your Buyer.
***STEP 9) NSC purchases your Note in one of two ways:
- We purchase the Note after you receive your first payment. (If Note is from sale of a business, we purchase after the first 4 on time payments are received by you.)
You receive LUMP SUM CASH instead of small monthly payments!
This is a great way to sell your property faster, and collect CASH for your equity, allowing you to MOVE ON NOW to your new home, next project, or next investment!!!
If you have any questions on this process, or to get a consultation appointment (after you have found a Buyer) to discuss structuring the Seller Financing for your property that you are preparing to sell, send email to consult@NationwideSecuredCapital.com
We look forward to hearing from you, and helping you understand how to sell your property FASTER and GET LUMP SUM CASH in your pocket through sale of the Note!
Related Articles
http://nationwidesecuredcapital.com/Sell-My-Note/seller-financing/
http://nationwidesecuredcapital.com/Sell-My-Note/the-process-of-selling-your-property-creating-a-note/
http://nationwidesecuredcapital.com/Sell-My-Note/how-to-sell-a-note-cash-today-versus-cash-in-the-future/
http://nationwidesecuredcapital.com/Sell-My-Note/how-to-structure-a-note-for-maximum-value/
