7 Steps to Selling Your Mortgage Note
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This document outlines the seven steps for selling a mortgage note: (1) request a quote by submitting an informational worksheet, (2) provide copies of documents related to the property sale, (3) accept an offer and sign an agreement, (4) review documents related to the property and buyer, (5) obtain an appraisal, (6) perform a title search, and (7) finalize the sale closing. It then provides details on why to work with Note Pros Plus, the credentials of the presenter Lesa Miller, and her contact information.
7 Steps to Selling Your Mortgage Note
- 1. Seven Steps SELLING YOUR MORTGAGE NOTE
- 2. DISCLAIMER-LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THIS PRESENTATION is GENERAL IN NATURE AND IS DESIGNED FOR INFORMATIONAL PURPOSES ONLY IN REGARD TO THE SUBJECT MATTER COVERED. IT IS NOT DESIGNED TO GIVE SPECIFIC LEGAL ADVICE. IT IS PRESENTED WITH THE UNDERSTANDING THAT THE PRESENTER IS NOT RENDERING LEGAL, TAX, ACCOUNTING OR OTHER PROFESSIONAL SERVICES. THE PRESENTER, HER SUCCESSORS AND ASSIGNS SHALL NOT BE LIABLE FOR ANY DEBTS, LOSSES, CLAIMS OR DEMANDS RELATED TO OR INHERENT IN THIS PRESENTATION. IF LEGAL ADVICE OR OTHER EXPERT ASSISTANCE IS REQUIRED, THE SERVICES OF SUCH LEGAL, TAX, ACCOUNTING OR SERVICE REPRESENTATIVE SHOULD BE SOUGHT AND RETAINED. Lesa Miller, J.D., M.B.A.
- 3. Congratulations! You sold your property! Want your cash out? Now what do you do?
- 4. Step One Request a Quote Complete a short informational worksheet Submit it to Note Pros Plus! by phone, fax or email Note Pros Plus! Direct (812) 360-3863 Fax (812) 323-0033 Email Address: info@noteprosplus.comm Lesa Miller, J.D., M.B.A. 4
- 5. Step Two - Provide Document Copies You will want to have copies and the originals of these three documents readily available: Settlement Statement from the Closing Promissory Note Mortgage, Trust Deed, or Contract Lesa Miller, J.D., M.B.A. 5
- 6. Step Three Accept Offer & Agreement Accepted Offer Terms, Conditions and Price in Writing Presented for Review and Acceptance by All Parties Lesa Miller, J.D., M.B.A. 6
- 7. Step Four Note Review Due Diligence Review of all documents Review of all information connected with the property, buyer and note Lesa Miller, J.D., M.B.A. 7
- 8. Step Five The Appraisal Brokers Price Opinion (BPO) Drive-by Appraisal Lesa Miller, J.D., M.B.A. 8
- 9. Step Six Title Search A title search is ordered to verify title and identify any liens or clouding of title. Lesa Miller, J.D., M.B.A. 9
- 10. Step Seven Closing Final documents sent out for signatures Title company handles the details of the closing Money transfers and deal closes Lesa Miller, J.D., M.B.A. 10
- 11. Why Work with Us? - We are NOT the Lone Ranger - Affiliated with a network of 25+ Seller Financing Specialists across the country. Several of our affiliates have more than 30 years of experience in Seller financing and have closed more than 30,000 seller-financed notes. We purchase more notes than anyone else in the industry. Lesa Miller, J.D., M.B.A. 11
- 12. Professional Credentials Chicago-Kent College of Law, Juris Doctor o Licensed Attorney University of Chicago, Master Business Administration Indiana University, Bachelor of Arts o Phi Beta Kappa Other o Co-Author, Strictly Business o Licensed Associate Broker o IRS Enrolled Agent o Licensed Pilot Lesa Miller, J.D., M.B.A. 12
- 13. Contact Information Lesa Miller, J.D., M.B.A. 998 Old State Road 450, Suite 1 Bedford, IN 47421 Direct (812) 360-3863 Fax (812) 323-0033 Email Address: info@noteprosplus.com Lesa Miller, J.D., M.B.A. 13
Editor's Notes
- Hello this is Lesa Miller with Note Pros Plus! And today we invite you to the seven steps of selling your mortgage note
- Congratulations! You sold your property! BUT.you hold the note. Are you tired of receiving monthly payments for a mortgage note that you have? Would you rather have cash now versus waiting for the future payments? Circumstances change and whether you are looking to cash out your mortgage note so you can get a lump sum of cash and use it to put into a new business, pay unexpected medical bills, send a child off to college or any number of other things that are in your life right now, you may be wondering how to go about doing just that. Here are SEVEN easy steps to make it happen.
- We will provide you with a free no obligation quote. All you need to do is simply complete a short informational worksheet and we will take it from there for you. This can be submitted online, by fax, or over the phone.
- You will want to have copies of these three documents readily available: Settlement Statement from the Closing Promissory Note Mortgage, Trust Deed, or ContractThis is a good time to be sure you know where the originals are located, especially the Promissory Note, as they will be required at closing.
- Once an offer is accepted it will be outlined in a written agreement. In addition to stating the price, the agreement will specify conditions of closing and who pays costs. This is designed to be totally transparent to you, the note seller, so there are no surprises and you can feel confident that the process will offer you security and the results you seek.
- The mortgage note specialist will perform a detailed review of the transaction, known as due diligence. This includes a review of the buyers credit, current tax and insurance status, payer interview, and other important items. Copies of additional documents including a payment history, insurance policy, and existing title report or commitment will also be important in completing the process.
- The note specialist will order an evaluation of the current property value. This usually takes the form of a Brokers Price Opinion (BPO) or drive-by appraisal. The note specialist is charged with making sure the property value is still equal to or greater than the sales price. If the value comes in low, the note specialist may present a revised offer for consideration.
- The note specialist orders the title search, which verifies ownership of the property and the mortgage note. It saves time and money to work with any title report that might exist from the original sale date. If the title search shows money is still owed on a prior mortgage it will usually be paid from the proceeds. However, there may be other alternatives available depending on the specific circumstances.
- When all of the first six steps are complete the note specialist will send the final closing documents out for signature. The title company is often used to handle the exchange of money for the original note and the transfer documents. Funds are typically paid in the form of a wire transfer or cashiers check.
- 1. We are not the lone rangers! We are affiliated with a network of 25+ Seller Finance Specialists across the country. Tremendous opportunity for all of this to tap into this valuable resource of information!