Getting the Best Offer from a Mortgage Note Buyer: Shopping Strategies

Getting the Best Offer from a Mortgage Note Buyer: Shopping Strategies

Shopping around for a mortgage note buyer to purchase the real estate loan you are carrying is just like shopping for anything else: You want to get the best deal possible. However, because you have so much cash tied up in the real estate loan you are carrying, you really want to make sure you exhaust every avenue. If you don't get the best deal from selling your real estate loan, you can lose a considerable amount of cash.

Each mortgage note buyer you talk to will make you a slightly different offer. Almost all of them will look at the same factors on the property, such as the appraised value, the amount of the loan, if there is a balloon payment and so forth. They are also interested in the debtor as well and will want to know about the payment history, credit history and other such factors. While all of the factors considered are likely the same, each offer will be different because each company will place emphasis on different factors. Because each of the companies will ask for largely the same information, you may want to put together a small package of information or an information sheet that includes all of these details. You can simply fax your sheet out to as many companies as you can to get quotes. The more quotes you can get, the more likely you will be to get the best deal available on your sale.

When you request a quote from a mortgage note buyer, you can typically expect to receive a response back within one to two business days. Once you decide which offer you are going to move forward with, you may be able to close on that offer within two to three weeks. This is a very fast process typically, but you do want to put in the proper due diligence when shopping if you want to get the best offer.

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