If you sold a property in Texas and are now carrying a promissory note, you may have heard about selling your note to one of a multitude of Texas mortgage note buyers. While there are certainly a large number of Texas note buyers and note brokers across the U.S., a small subset of them have the competence, experience, honesty, and financial capability to be able to serve you well. Later in this article, we will discuss finding a great note buyer who will be the best choice for you.
But first, let’s back up a bit. If you have a strong real estate note on a good property, why would you want to sell it to one of the aforementioned Texas mortgage note buyers? Well, maybe you don’t. If you expect the property buyer to always pay well, you do not have a need for a lump sum of cash anytime soon, and have enough free time to make sure that property taxes and insurance are current, then you may want to hold on to the note for now. You always have the option of selling it later.
Perhaps, you decided that you do want to sell the real estate note, or at least check into it further. You may have never really wanted to offer owner financing in the first place or no longer wish to spend the required time babysitting the note. Alternatively, you may want to sell the real estate note to pay off credit card debts, put your child through college, or invest the money elsewhere. Whatever the reason, you will want to find a Texas note buyer that you can trust and that will give you the best price.
Here are several things to consider when choosing the right note buyer:
- Experience – Has the company or individual been working the note business full time for at least five years, and do they seem to know what they are talking about?
- Real Estate Licensing – Although this is not legally required in most states, a licensed individual is more likely to be professional and competent.
- Better Business Bureau accreditation or similar – This demonstrates a higher level of integrity and customer satisfaction. Seascape Capital has an A+ rating from the BBB, and has never had a complaint filed.
- No History of Scams – Do an Internet search on the company, as well as consulting “rip-off reporting” websites to make sure the company is not listed.
- Trust your gut feeling on whether the individual is trustworthy and likely to put your interests first.
The company that you choose to buy your note should meet all of the above five criteria. If not, find another one that feels right to you. For related information, watch this short You Tube video at http://www.youtube.com/watch?v=VnHk01C5orM.