If you are currently trying to find a mortgage note buyer then you can find that this is a process that can leave you more confused than you started. Yes, it can be a daunting process but you should be aware of some key points and then work from there in securing the right buyer for your circumstances.
Firstly, you should find an honest and reputable buyer who has plenty of years in the industry as well as testimonials from clients. Choosing the right buyer should result in you feeling comfortable with the transaction at all times and being sure that you have received the best deal that you could on your mortgage note.
Keep in mind that not all notes will be paid out 100% by a buyer. These buyers will only pay a portion of the existing mortgage note and you should shop around fro the best deal for your situation.
There is good news when it comes to selling your note: there are certainly many individuals and companies that are willing to purchase them. This has become a very popular way of trading especially with the current economic climate and the abundance of mortgage notes available.
Here are some good questions and steps to run by selecting a note buyer:
a) How long has the buyer been purchasing these notes and how many have they actually purchased during that period? You will need to narrow your search down to a company or individual who has experience in these sorts of transactions, and has the experience and know how to make the transaction as smooth as possible.
b) Be certain that you are not being charged any costs whatsoever, and that all of the costs are set out and listed point by point to be included in the amount you are being paid for your mortgage note or part thereof. This includes set up fees,points, closing costs and other additional payments.
c) Make sure that you ask as many questions as you need, as this is something that any buyer should encourage and be able to give you succinct accurate answers on. Make sure anything that you are unsure about is questioned and any concerns that you may have are raised and dealt with in a timely manner.