Sell My Note - Texas Note Company - Mortgage Note Buyer
(512) 464-1214 - Robert Young
It's that time of year when phone calls and emails start pouring in that say, "I have a real estate note I want to sell! I'm receiving monthly payments and need a quote fast!"
Today alone, we've had five calls and six emails, each asking for a Quote to Sell Their Note. Here are just few of the requests we've received:
"I have a commercial mortgage note and deed of trust for sale. Need sale quick. Please contact me. Principal amount $307,999 at 8% interest for and 5 years term."
"I have a note to sell. $20,000 due over 5 years, have already received 3 payments from buyer. Need a quote!"
"I owned a home outright which I sold through owner finance for 120,000... I am in need of money due to some medical emergencies, so I am interested in a cash settlement, please provide a quote."
Our response is always the same. To provide an accurate and quick quote, we will need copies of the following:
Promissory Note / Real Estate Lien Note
Deed of Trust
Settlement Statement (HUD)
And we always ask a few extra questions to understand a little more about what's going with your note:
How many payments have been made? Have they all been made on time?
How does the borrower make his payments? (Autodraft, check, money order, cash?)
Are taxes and insurance current?
The last and final item we request (which is just as important as the documents) is a brief synopsis of your borrower. Tell us a short story. For example:
"My borrowers are a husband and wife in their mid-40s. They have two children in middle school. The husband is an Aaent for Allstate Insurance, where he has been employed for more than eight years. The wife works for a roofing company as an admin, where she has been employed for over three years. The borrowers make their payment by check each month; each has been on time and they have not missed a single payment. The property taxes and insurance are current."
You may wonder why we ask for this borrower synopsis. The answer is, we're looking for performing notes and a synopsis like the one above tells us a lot about the borrower and their ability/likelihood to make future payments. It tells us a little about their level of responsibility and their habits of paying their bills.
The more information you get us, the easier it is for us to get you the quote you need. So get as much of it together as you can, and let us get started today. Before you know it, you'll have a quote and be on the road to the final sale of your note!