What Is A Residential Note?
Residential mortgage notes are for properties with single-family houses, 2-4 unit multi-family buildings,
condos, townhouses, and mobile homes. Everything else being equal, residential notes are more
marketable and will receive better offers than other types of notes. It is still important to try to collect a good down payment, sell to someone with decent credit, and make sure that all of the documents are properly prepared by an attorney or title company.
Reasons To Sell A Note
- Pay off debts such as credit cards, high-interest loans, or medical bills
- Consolidate assets in retirement or to settle an estate
- Start a new business or expand an existing one
- Other investment opportunities
- Avoid the hassle of tracking payments and making sure that insurance and property taxes are paid
- Avoiding the worry of the payer not making payments or destroying the property
Steps In Selling A Note
- Submit the worksheet shown above or call us. We will most likely ask for a copy of the real estate note
- Normally, we will give you an offer within 1-2 business days
- If you accept the offer, we will request some additional documents and information
- We will order an appraisal and title commitment for the property – both of which we pay for
- Most of the time, you will receive your funds within 4-5 weeks of you responding to Step #3.