Welcome to Sell-Ur-Note
Frequently Asked Questions about selling your mortgage or note.
What is a note?
A written document that states a promise to pay, and the terms which include the amount, interest rate and length of time in which to fulfill this promise.
How much will I get for my note?
We pay top dollar for your note! The value of the note is based on many variables, the type of note, the down payment, interest rate, payment amount, and term, as well as the buyer's credit rating and payment history. The type, condition, location and value of the property are also factors taken into consideration.
What costs are involved to me, the note holder?
We generally absorb all costs.
How long before I receive my funds?
Generally, the process takes 2 - 3 weeks. We have closed transactions in as little as 4 working days. The more information we can obtain up front, the quicker we can close.
What types of properties, mortgages and notes will you consider?
Residential - Single family owner occupied - Condominiums - Second homes Single family rentals - Multifamily Mobile homes attached to land. Land - Lots (improved and unimproved). Farms/ranches- Raw acreage. Commercial - Will purchase most types of commercial mortgages. Structured Settlements Lotteries and almost all Annuities.
Why is your bid less than the balance on my contract? Why should I sell my mortgage note for less than the balance?
You don't have your balance on your note today. What you do have is a promise of payment over the remaining term of the note. We also consider the risk involved; credit, equity, collateral, and pay history. We pay you a lump sum of cash today and that cash today is worth more than future money.
Do I need an attorney? What about a CPA or accountant?
That's entirely up to you. Feel free to show all documents to a professional advisor, family member or friend.
How can you represent my note and mortgage holdings?
Our staff has the ability to produce professional, informative presentations on behalf of the note broker. We will meet with attorneys, CPA's, investments groups and real estate professionals and together will present a strategy in understanding the cash value, security and investment alternatives of seller financed paper. In the case of the real estate professional, this is a great source for alternative financing and can save the sale of a transaction and in most cases, fund much quicker than institutional financing.
Will selling my Contract have any effect on the payor?
No, when you sell your contract or note the purchaser simply steps into the position you hold. In doing so, they are required to abide by the original terms of the contract.
What is your privacy policy?
During the quote request process, we collect personal information, so that we may process your request and provide you with information specific to your request. We do not require or ask for credit card information. Sell-Ur-Note is the sole owner of the information collected on this site. We will not sell, share or rent this information to others in ways different from what is disclosed in this statement. We will only share or disclose such information with our partners. Sell-Ur-Note is able to offer beneficial programs because of partnerships and strategic alliances. Our complete privacy policy can be found here.
Who is going to buy my note?
Actually, there are thousands of individuals across the country who buy notes. Just like banks buy mortgages, private buyers buy notes as investments. They collect payments over time for a steady stream of income.
Can I sell just a portion of my note?
Yes. Example: Let's say you have a 20 year loan (240 total monthly payments). You can choose to sell just the next 48 payments (4 years). After 4 years the remaining payments would be paid directly to you.
I'm an adviser to a note holder, how will I know what is going on with the transaction?
We will keep you up-to-date on the status of each transaction with periodic status reports. You'll be able to monitor the progress of the transaction without having to invest your time and resources in this administrative challenge.
What is owner financing?
Also called seller or vendor financing, owner financing is a ‘creative’ way of financing the sale of real estate or businesses. Instead of borrowing all the capital from a bank or other finance provider, the buyer borrows all or part of the sale price from the seller. They then repay the loan in instalments over a fixed period. The terms of the loan are documented in a ‘loan note’, otherwise known as a promissory or carry-back note. The buyer generally makes a down payment, while the business itself serves as collateral. So if the buyer defaults on payments, perhaps because the business isn’t making enough money to service the loan, the owner takes back control of the business. Every sale is different. Interest rates, repayment duration and other factors can vary from deal to deal.
What is “Face Rate” of a Note?
“Face rate” simply refers to the interest rate that is being charged on the note. Typically seller-financed notes are written between 8 percent - 12 percent. The higher the interest rate, the more valuable the note to an investor. Remember, “discount” comes from the difference between how much the investor wants to earn on his or her money and what the “face rate” of the note is. If the investor wants to earn 12 percent and the note is written at 6 percent, there may be a large discount. If the investor wants to earn 12 percent and the note face rate is written at 11 percent, the discount may be slight. The face rate of the note never changes, unless written in the note itself. In other words, if the race rate of the note is 10 percent, it will remain 10 percent regardless of what price the investor pays for the note. Price and payment never change for the payer of the note.
We look forward to hearing from you and helping you free up the cash you want or need now.
Free Classified Ads - Find jobs, homes, apartments, etc. 1000s of ads. Post free with photo.