Selling a Contract for Deed ? This is how a Sale works
This is a basic rundown of how a Note Purchase works. This is not a long busy process. There are a few basic steps that start with getting some very basic information
Once we have obtained the
terms of your note, we will give you several options for
our purchase of your note.
The purchase price will
depend on your local market conditions, the payor's
credit report, the rate of interest of your note, the
remaining term of your note, the number of payments made
to you by the payor, and the type of mortgage (first,
second, wrap-around, etc.)
We have no standard
formulas or rates for purchase. Every note, property and
payor is different.
We examine and research
each note to determine its highest value. Only through
fair and careful evaluation can we maintain our position
as the leading cash resource for note sellers.
Upon your acceptance of
our offer, we will sign a "Commitment" to purchase your
note.
A credit investigation is
conducted on the payor of the note, and an appraisal is
made. We usually close and fund the purchase within 30
days. However, if we run into unexpected delays such as
title problems, or difficulty in obtaining necessary
documents, it could take longer.
As soon as the required
information is received, the cash for the purchase of the
note is forwarded along with the closing instructions to
a title company in your area. The funds we send to the
title company will normally be in the form of a cashier's
check or wire transfer. The title company will issue the
mortgagee's title insurance policy, and have you sign all
the necessary papers before disbursing the cash to you.
Contact us at:
http://www.notebuyerdirect.com
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