If You need to sell your real estate note to raise some quick cash, here are a list of items you will need to gather.
Items Needed to Sell Your Note.
- The Original Signed Note
- The Security Instruments
- or Trust Deed
- The Original Sales Agreements
- The New Sales agreement
- A copy of the promissory note payers credit score.
- Contact details of the payer
- Lenders Title Insurance
How Do We Evaluate Your Real Estate Promissory Note?
A good promissory note with have thee following features:
- At least 20% down payments
- The Property will not be in a high crime area
- The payer will have a steady income and be able to provide proof of Income.
- The note payer should have a credit score better than 650
- The Promissory Note Should have a Interest rate of 7% of higher.
- The Terms of the loan should be no more than 60 months.
- Loans greater than 60 months will incur a deeper discount
- The Paper work should be in good order, ideally prepared by an attorney or Title Company.