If you are planning to sell your mortgage note in Raleigh, North Carolina you must know the complete process involved in it. The process of selling a private mortgage note is very easy and simple and you can easily have a large amount of cash in your hand within a month. Although the process of selling a mortgage note is quite simple, you should know the process in detail. But before that, you should make sure that you want to sell your note because making a decision of selling a note is very important. Once you are sure about your decision, you can follow the given step by step guide to selling your mortgage note.
Guide on Selling A Mortgage Note
Step 1: Select a Note Buyer- The first step in selling your mortgage note is to find a
trustworthy note buyer. There are various note buyers; you should choose the best note buyer for you based on their experience, reputation, services, etc.
Step 2: Get Your Quote- Once you choose your note buyer, you will be required to fill out the
requisite form of the company and the company will provide you a quote on the present
Step 3: Submit Relevant Documents- After getting the quote from the company, you will be
required to submit some relevant documents to the company in order to sell your mortgage
note. These relevant documents include the mortgage, the promissory note, settlement statement, contract, etc. You will be required to submit the photocopies of all these documents to the company but make sure you have originals to close the sale.
Step 4: Accept Offer- After this, the company will provide you an offer specifying all the
important points related to your sale including costs. You should read the offer carefully and
accept or reject it as per you choice.
Step 5: Wait for Evaluation Process- Once you accept the offer for selling your mortgage note, you will have to wait for the evaluation process which will include the following steps-
Buyer review- Your mortgage note buyer will have to do a review of the transaction that will
include buyer’s credit, insurance status, tax, payer interview, etc. This review can also require you to add additional documents like an insurance policy, title report, payment history, etc
Appraisal- Next, the note buyer will do a complete evaluation of the value of the property. This is typically done through Broker’s Price Opinion or a Drive-by Appraisal depending upon the situation.
Title search- After appraisal, title search is done to basically to check the legal history of the
property. It checks if there are any legal issues, claims, unpaid taxes or anything related to the property.
Step 6: Close the Sale- Once all these steps of selling your mortgage note are completed; the last and the final step is to close the sale. Closing the sale means signing all the final sale documents and receiving your money.
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