Sell My Mortgage Note in a Few Simple Steps

For people who have sold any type of property before and have used seller financing, there is a good chance maybe you're thinking about selling your mortgage note. So for those of you who may be wondering "How can I sell my mortgage note?" here is how you can do just that.

Start by getting a quote for free from a few different places. You can do this either online or over the phone. You are going to have to send the buyers of your mortgage note a Settlement Statement, Contract, Trust Deed, or Mortgage, and also a Promissory Note. You should always know where your original copies of these are as when you close a deal, these items are going to be requested.

Once you have accepted an offer, there will be an outline of the deal. This outline will cover everything from the price the note was sold for as well as who pays what costs. The buyer of the note will do a more thorough review of the deal. This part is called due diligence. They will review buyer's credit as well as taxes on the home, an interview, and whatever else they feel important.

An evaluation will then be ordered to look at the value of the property. This is known as an appraisal. This will determine the value of the home as opposed to the selling price. If the selling price is more than the value, the note buyer may decide to offer a lower price. The buyer will do a search o n the title to make sure the buyer is the owner of the property, and then the deal will come to a close. There will be documents to sign to close the deal.

So, for those who may be asking "how can I sell my mortgage note?", the process can be rather simple and fast.

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