If you are the owner of a rental property, you can exercise the option of selling the mortgage note of your house to an investor. The money you receive depends on several factors such as the location of the property, prevalent rate of interest and your credit worthiness.
To sell the mortgage note to a private estate investor, you need to perform a series of steps.
Do your Own Paperwork
The first step is to do your own paperwork. This requires keeping all the relevant documents and the details regarding the mortgage note ready. You may need to furnish all this information to the investor. We are the leading cash buyers in the property market. We buy houses in any condition and give the best price for your house. We make efforts to make it a win-win condition for both the parties involved in the deed.
Provide Information about your Property
The second step is to provide information about the property. This is necessary because before investing in any real estate, they would want to know about the due balance, the face value of your mortgage note, the rate of interest, the number of payments been made by you, if the note is existing and lastly the asking price.
Wait for the Best Offer
Once you have provided all the required information to the investor, all you need to do now is to wait for a few days to get your proposal evaluated by them. If they like it, they will provide you an initial offer.
Provide Additional Documents
Upon receiving an initial offer, you need to decide whether it will result in a profitable deal or not. If the offer is up to your expectation, you can show interest in it and accept the offer. This would require some more legal formalities to be performed at both the ends.
You will need to provide additional documents prior to the settlement of the deal. These documents would be present year income tax returns, salary receipts, insurance of house title, and amortization schedule.
Appraisal of the Property
After submitting additional documents, a property appraisal is needed. Some of the investors of mortgage note will need the assistance of a professional appraisal firm. It is a good decision to hire a reliable real estate appraiser to perform smooth accomplishment of the task.
Closing the Deal
Once the property appraisal is done successfully, you are on the verge of closing the deal. A deal can be closed in the form of a face to face communication or intimation by mail. A house owner will hand over security documents such as a deed of trust, contract agreement stating the deed of the property, mortgage note, etc. in the original.
For people who have never sold an immovable property note to any investor, it is always advisable to conduct a thorough research or work in association with a professional to get detailed information about the process.