Top Real Estate Note Buyer
A contract for deed and land contract are similar in most respects to a deed of trust or mortgage, though they are used in a small number of states. The note is the “I.O.U.” while the deed of trust, purchase money mortgage, or contract pledges the property as collateral for the sale.
A mortgage note can be used for almost any type of property — residential, commercial, mobile homes, and even vacant land. It is different from a business note, which is for the sale of a business where little or no real estate was involved.
Finding an Excellent Note Buyer
Note buyers like Seascape Capital can help you to understand the value of your real estate note, as well as make offers to buy all or part of your note. An excellent mortgage note buyer is one who can not only get you a great price for your note, but will also provide you with great service and provide the utmost integrity. Here are five ways to make sure that a note buyer or note broker is right for you:
- Experience – Does he or she seem to know what they are talking about and have they been buying notes for at least five years?
- Licensed – Does the person or company have a real estate broker license? While that is not required in most states, a license shows more professionalism and a higher level of competence.
- Accreditation – Has the Better Business Bureau or a similar organization given high marks to the note buyer. Again, this is not legally required, but does indicate more trustworthiness.
- Clean history – Use your favorite search engine, such as Google or Bing, to investigate the history of the note professional and make sure that there is no history of poor behavior.
- Gut feel – When you talk with the person, look at their website, or read their materials, does your heart tell you that this is someone that you can trust and easily work with?
One BIG mistake that some note sellers make is to sign up immediately with the note buyer offering them the most money. While everyone wants to maximize the amount of cash they are getting, all that matters is what you receive in the end. Any company can offer a lot of money, but make sure that note buyers with whom you are dealing meet the above criteria. Ask lots of questions to gauge the mortgage buyers competence and integrity.