Sell My Mortgage Note: Tips for Success
I found myself in the position of holding a second lien for the buyer of my home, and I knew I needed to sell my mortgage note in a fast way. While I wanted to make every effort to get that loan sold and converted to cash fast, I certainly did not want to leave money on the table and get less than my note was really worth. So I needed to develop a strategy that would get the cash I needed fast and at the highest amount possible. With this in mind, I set off with the goal of developing a strategy for success. Ultimately, I did sell my mortgage note for a pretty high amount, and I want to share my tips for success with you.
When I decided to sell my mortgage note, I knew I wasn’t going to go with the first buyer who came along and that I would be doing quite a bit of shopping. So with the first buyer contact I made, I took aside a few minutes to develop a nice package to submit. I used that same package as I shopped around, and it really made the shopping process much more simplified on my end. I only searched around for documents and information on the note one single time. The proposal for sale that I typed up was one that was generic enough to use for multiple companies as well.
Within a few days of shopping my proposal package around, I had several offers already in. I set aside some time to review the merits of each one, comparing how fast they could execute their offer, what other work was involved on my end to get the sale going, and of course the dollar amount they offered. I also went one step further and read some reviews about each company as well. I had been working with real estate for years, and so I knew the industry was chock full of promises that often times were not delivered fully.
Finally, I found the company I wanted to move forward with. I let the company know about my intentions, and before long I found that I was able to sell my mortgage note and get the cash I really wanted. Initially, the prospect of the process seemed daunting and intimidating, but with these steps, it was not nearly as difficult as I had initially thought it would be.
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