Selling Mortgage Notes

How To Sell A Mortgage Note

Once you have decided that you want to sell your owner-financed mortgage promissory note payments, there are a few steps that you have to go through to obtain funding for your note.

1. The first step is find a mortage note broker through one of the various ways that are available for finding mortgage note brokers.  Note brokers are the ones that help bring in new business for the mortgage note funding source businesses.  It is the funding sources that actually fund the mortgage note purchases.

2. The next step is to obtain a quote from your chosen mortgage note broker or multiple quotes from multiple brokers if you want to shop around.  The note broker will ask you for some basic information regarding the mortgage note and the associated property that backs the note.

3. Once you obtain an acceptable quote, the funding source will begin the due diligence process of collecting documents to verify the information you submitted for your quote request and to verify any other information that is pertinent to the mortgage note purchase.

4. Upon a successful end to the due diligence process, the funding source will then arrange for a closing date and time and start assembling the final closing documents.

5. The last step is to receive your funding.


 

 


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