Selling Your Mortgage Note Fast And Easy

Selling Your Mortgage Note Fast And Easy



Selling Your Mortgage Note - Fast and Easy
In order to​ ensure a​ smooth note transaction,​ it​ would be wise,​ as​ a​ well informed note seller,​ to​ have the​ following documents available before submitting you​ note to​ a​ Note Investor for purchase .​
These are documents that you,​ your attorney,​ or​ your real estate agent should have on​ file from the​ sale of​ the​ subject property.
The documents are as​ follows:
Copy of​ Note
Copy of​ Trust Deed,​ Mortgage or​ Land Contract
Escrow instructions from real estate sale in​ which the​ Contract was created
Escrow closing statement from real estate sale in​ which the​ Contract was created
Title insurance policy which insures the​ Contract
Fire insurance information on​ the​ property which secures the​ Contract (Insurance Company,​ Policy Number,​ Agent's Name and Address)
Loan Payment Record (if possible)
Appraisal from the​ time of​ sale or​ thereafter (if possible)
Please provide two (2) pictures of​ subject property (if possible)
Copy of​ street or​ city map showing property location (maps.google.com)
Plans,​ surveys or​ other documents in​ your possession (if possible)
Tenant Rental Agreement (if applicabale - rental property note)
Once these documents are in​ order go forward with submitting your mortgage note for purchase to​ a​ note buyer .​
Usually with the​ more experienced note buyers you​ can fill a​ quick submission form online.
After submitting your note,​ it​ should take 48 business hours to​ receive a​ Soft Bid .​
The definition of​ a​ soft bid is; the​ preliminary dollar amount a​ note investor is​ willing to​ purchase,​ prior to​ verification of​ information.
Once the​ soft bid is​ agreed upon,​ the​ note investor does some preliminary investigating into the​ note info submitted (i.e .​
credit score,​ property value,​ etc) .​
This usually takes 72 business hours.
The soft bid is​ subject to​ change if​ the​ original note info submitted is​ inaccurate .​
That is​ why it​ is​ very important to​ be as​ accurate as​ possible when submitting your note submission form in​ the​ beginning .​
This way nothing will change over the​ course of​ the​ underwriting period and you​ will get the​ money you​ need .​
The more detailed and prepared you​ are,​ the​ less you​ have to​ worry about!
Once the​ preliminary verification takes place the​ note investor will confirm the​ Firm Bid to​ the​ note seller.
Once the​ firm bid has been confirmed and all the​ above documents are in​ the​ possession of​ the​ note buyer ,​ the​ underwriting process will begin .​
This includes,​ ordering drive by appraisal,​ checking title for liens,​ verifying all note info.
Closing instruction and date will be set up and the​ transaction is​ closed.
From front to​ Back,​ assuming all of​ above documents are in​ your possession,​ it​ should take 2-3 weeks to​ receive your check.




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