I found myself saddled with a seller-financed note that I had never
really intended to carry. When I set off to sell my home, the house sat
on the market for months, and only after an extended period of time did I
finally get an offer. I accepted the offer only to later learn that the
seller's bank financing fell through.
In order to make the deal fully work, I had to carry most of the financing myself. At first, I enjoyed the benefits of holding the note because it allowed my get monthly payments in, and because these monthly payments in as a form of income for myself. Yet after about a year, I knew I wanted to sell my mortgage note.
When you hold a seller-financed note, you have to deal with quite a few things. There were months when my buyer was late making payments, which caused me stress as I considered the ramifications of pursuing legal action against him and ultimately the possibility of having to reclaim the property myself. One of the reasons I decided to sell my mortgage note was to get the stress of this out of my life. While he was only late for a few months, that stress was enough to make me realize that I did not want to continue with that process.
Another reason I decided to sell my mortgage note was because when I originally listed my home for sale, I was expecting to walk away from the closing table with a big lump sum of cash. Instead of doing that, I actually had to come up with cash to pay my own note off all the while carrying the seller's financing. I had plans for that cash that were put on hold because of this situation, and I decided that it was time to begin looking into recouping that cash and getting on with my previous plans. I was going to use some of that cash to invest in other properties, and I also wanted to stock some of it into a retirement account to diversify my assets better.
Ultimately I did sell my mortgage note. While the note served its purpose of getting my home sold to a buyer who really wanted to live in my house, it was not a long term plan that I wanted to live with. So I got my home sold, my note sold, and now have the cash I originally wanted. It was not the path I intended to travel down, but it got me where I wanted to be in the long run.
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