7 Steps to Selling Your Mortgage Note

Download 7 Steps to Selling Your Mortgage Note

Post on 10-Jul-2015

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Seller Financing

SELLING YOUR MORTGAGE NOTESeven Steps

Hello this is Lesa Miller with Note Pros Plus! And today we invite you to the seven steps of selling your mortgage note1DISCLAIMER-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.

2Congratulations!You sold your property! Want your cash out? Now what do you do?

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.

3Step One Request a QuoteComplete a short informational worksheetSubmit it to Note Pros Plus! by phone, fax or email

Note Pros Plus!Direct (812) 360-3863Fax (812) 323-0033Email Address: info@noteprosplus.comm

Lesa Miller, J.D., M.B.A.4

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.

4Step Two - Provide Document CopiesYou will want to have copies and the originals of these three documents readily available:

Settlement Statement from the Closing Promissory NoteMortgage, Trust Deed, or Contract

Lesa Miller, J.D., M.B.A.5

You will want to have copies of these three documents readily available:Settlement Statement from the Closing Promissory NoteMortgage, 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.

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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

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.6

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

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.7

Step Five The AppraisalBrokers Price Opinion (BPO)

Drive-by Appraisal

Lesa Miller, J.D., M.B.A.8

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.8

Step Six Title SearchA title search is ordered to verify title and identify any liens or clouding of title.

Lesa Miller, J.D., M.B.A.9

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.9

Step Seven ClosingLesa Miller, J.D., M.B.A.10Final documents sent out for signatures

Title company handles the details of the closing

Money transfers and deal closes

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. 10

Why Work with Us?- We are NOT the Lone Ranger -

Lesa Miller, J.D., M.B.A.11Affiliated 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.

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!11Professional CredentialsChicago-Kent College of Law, Juris DoctorLicensed AttorneyUniversity of Chicago, Master Business AdministrationIndiana University, Bachelor of ArtsPhi Beta KappaOtherCo-Author, Strictly BusinessLicensed Associate BrokerIRS Enrolled AgentLicensed PilotLesa Miller, J.D., M.B.A.12

12Contact InformationLesa Miller, J.D., M.B.A.998 Old State Road 450, Suite 1Bedford, IN 47421

Direct (812) 360-3863Fax (812) 323-0033Email Address: info@noteprosplus.comLesa Miller, J.D., M.B.A.13

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