LOOKING FOR A NOTE BUYER?
Why you may need a note buyer, who they are and what they can do for you
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You need the services of a Note Buyer if you are holding a mortgage note, real estate note, private seller residential mortgage note, a note for a small business loan, or any other type of note, and would like to have all the money from the note now rather than wait 10-30 years for the note to be repaid. While it might have seemed like a good idea at the time to carry a private mortgage or other type of note yourself, now you would like to have the cash, perhaps to pay for your child's schooling, a second or vacation home, or other need. We explain what a note buyer is and how to locate one that will be able to purchase the note you are holding. We'll also give you some benefits of going with a note buyer.
Just What Is A Note Buyer, Anyway?
Note buyers and the like are companies or investors with the capital to purchase the note you are holding. If you are holding a private mortgage, they will give you the cash and take over receiving the monthly payments you had been receiving. Here are just a few of the online firms we discovered who handle this type of transaction:
- A.B. Merrill, Inc. works directly with note holders/Sellers of ALL real estate property types to provide the most competitive price for your note.
- The Boston Note Co. advertises quick closing, free quotes, and pay more for notes.
- Straussnotes asks to be considered your number one resource to get cash for your real estate notes and other investment paper.
- CircleLending formalizes and administers private loans between individuals. They provide tools and resources for complete loan servicing, from initial proposal through billing and payment collections.
- Friendly Note Buyers are the 3rd largest direct buyers of mortgage notes, trust deed, and land contracts
More Information, Please
Today many property owners are providing financing to new buyers when they sell their home, This method of private financing is often desirable for many reasons, including a quick sale of the property, less hassle than conventional financing, more qualified buyers, and other reasons. Sometimes the property owner includes a balloon payment or the need for refinancing at a specified time in the contract so he can get the rest of his cash. Selling the note to the property is one way for the owner to get his cash, with very little hassle to the property buyer. Or, should the note holder need cash for any reason, selling it gets him the money he needs quickly and easily, again without disturbing the property buyer. The property buyer continues making the payments he is used to, although now to the note buyer instead of you; and the property buyer does not have to deal with securing a new mortgage for the property.
Selling your note is usually no more hassle than arranging a mortgage or other type of loan. Closing is usually done much faster as well, and your receive your cash in as little as 7-15 business days. If you decide you don't want to sell all of the note, you can elect to sell only a portion of it and receive the cash you need. If you are using the services of a national note buyer, closing is done in a location near you, and many note buyers will also pay all or most of the closing costs involved.
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