Sell Real Estate Note
Many people are electing to sell real estate note in order to break even on their investment. Others need to sell realty notes in order to obtain a lump sum of cash to pay off credit cards and outstanding debts or to fund the purchase of another investment property. Regardless of the reason, note holders need to follow legal protocol to protect their interest.
When note holders sell real estate note, both the buyer and seller are legally obligated to fulfill their end of the bargain. Before property transfer can occur both parties must submit required documents to the court to record the transfer. It is best to work with a real estate attorney to ensure all aspects of the realty contract adhere to federal, state and local laws.
Selling real estate notes is not without risk. Both parties should engage in due diligence and implement safeguards to protect their investment. Depending on the type of property being transferred, buyers may need to obtain a property appraisal to determine fair market value. In most cases, buyers will need to pay a title transfer fee.
Each time property is sold or transferred a real estate note is created to document transaction details and assign buyer rights. If the buyer purchases property on contract or takes out a mortgage to finance the purchase, a promissory note will be required to record the promise to pay.
When selling mortgage notes it is crucial to work with a reputable note buyer. To obtain the best price, it is a smart idea to comparison shop and acquire three or more quotes. Seasoned note buyers can provide multiple options on structuring the note. Options might include selling the real estate note in whole or part or obtaining lump sum cash payment along with future partial payments.
Sellers of real estate notes and land contracts should never have to pay upfront fees to obtain a quote. The price quote should outline transfer requirements and fees along with the purchase price. The only time a property appraisal is required is when the property value is less than the sale price. Additionally, there should be no points or settlement fees involved in the process of selling real estate notes.
At Simon Volkov, we specialize in buying and selling real estate notes. We can structure sophisticated, yet simple solutions for you or your clients' mortgage notes, promissory notes, and seller carry back trust deeds. Depending on your circumstances, I might be able to provide a lump sum payment that fund in a short period of time.
To obtain a complimentary quote, provide information about your note via the real estate notes and land contracts form. I will personally contact you within 48 hours upon receipt of your information. Please be certain to include a valid email address and phone number.
We encourage you to browse our real estate note article library to learn more about how to buy and sell real estate notes. We add new articles on a regular basis, so take a moment to subscribe to our mailing list and be the first to be informed of current real estate trends and investment opportunities.
Published on April 05, 2010 at 02:21 AM