Sell My Mortgage Note: The Process to a Great End-Result
When I set out to sell my home, my concern was finding a qualified buyer in the current economic climate. The banks had tightened their lending parameters, and I was concerned about how I would find someone who qualified for financing, liked my home, and was ready to move in. Finding that unique combination off qualities in one person seemed far-fetched to say the least, and yet I needed to downsize to a smaller home. I did finally end up finding a great buyer, and he qualified for limited financing. However, in order to make the deal work for him, I needed to hold a second lien for the buyer. Before we even closed, however, I knew that I needed to sell my mortgage note.
When I came to the realization that I needed to sell my mortgage note, I immediately began looking into the possibilities of doing so. I wanted to get the best deal for my note all the while turning it into the cash I was looking when I first decided list my home on the market. So I shopped around to various sources. It turned out that all of the places I shopped to actually needed roughly the same information. So to make it easier for me to shop around, I put together a package that contained all of the pertinent information. I just faxed that out.
The next step in my goal to sell my mortgage note involved making a decision on which of the many offers I should go for. They were all different, and some were far better than others. I was happy that I shopped around to get the best deal. I made my decision on which of the offers to go with, and then contacted the company to let them know. There was some paperwork, and I needed to give them time to do a few things on their end.
The final aspect of the process to sell my mortgage note involved me actually getting the funds from the company. I had the choice of getting a check or a wire, and I opted for the wire so the funds hit my account right away. My ultimate goal was to use the cash from selling my home to downsize to a new home, and so I really needed to get those funds fast. I was happy that I could structure a seller-financed second note to help my own buyer out, and was pleased that the process to unload that loan was not as complicated as I had initially thought.
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