Sell My Mortgage Note: How to Get the Best Deal
I am a real estate investor, and for years I had built up an incredible portfolio of investment properties including single family homes, duplexes, four-plexes, and even a few commercial multifamily complexes, too. At some point over the years, I was turned on to the idea of holding seller-financed notes when I sold my properties. This was a great strategy for me because it allowed me to collect a monthly income without the need to hassle with management companies, renters, and other headaches of owning an investment property. However, after some period of time, I decided to sell my mortgage note and start investing my funds in more low-key investments like stocks, mutual funds, and CDs.
When I decided to sell my mortgage note for cash, being the savvy investor that I am, I knew that a large part of the process would be me shopping around for a great deal. From my research into how the process worked, I determined that mortgage note buyers do not make offers at 100% of the face value of the note but rather a percentage of the face value. Each buyer will make a different offer, however, and so you really did need to shop to get the best deal.
In addition to being a real estate investor, I also own my own retail business. Between running my business and managing the investment properties I still owned, I did not have a lot of time to shop around for a deal. I decided to strategize to make the process easier for me, and I developed a proposal package of sorts to make the shopping process faster and more streamlined. With my proposal package in hand, I simply needed to shop around with it and send it off. It took just a few hours of my time to contact a handful of companies and get my proposal out there. Within a few days, they had all reviewed my information and gotten back to me with an offer. This truly was the easiest way for me to start the process to sell my mortgage note.
Another benefit of proceeding with this strategy, however, was that the companies could tell that I was shopping around, to sell my mortgage note, and so those who truly wanted my business gave me their best deal up-front. I do feel that I got a better deal my presenting my deal to them in this fashion.
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