The process
How selling your note works.
No surprises. Here's every step, how long it takes, and what I'll ask you for.
Tell me about your note
Use the quote form or call me. Rough numbers are fine.
Day 1Get two written offers
I look at the payer, the property, the paperwork, and the terms. Then I send you two offers: one for the whole note and one for part of it.
Usually 1 business dayDue diligence
You send copies of your documents. I order a title search and a property value check, and I make a short call to the payer to confirm the balance.
About 2 to 3 weeksClose and get paid
You sign the assignment at a title company or with a mobile notary and hand over the original note. The title company pays you.
Most close in 4 to 5 weeks
After closing: the payer gets a letter telling them where to send payments. Their rate, payment, and terms don't change.
Sell it all, or sell part?
Most people think it's all or nothing. It isn't.
| Full sale | Partial sale | |
|---|---|---|
| What you sell | Every payment left on the note | A set number of payments, like the next 5 years |
| Cash today | The most cash up front | Less cash up front |
| Later | You're done with the note | The note comes back to you and the payments start again |
| Good fit if | You want out for good | You need a set amount and want to keep some income |
Need a specific amount, like $30,000 for a roof or a debt? Tell me the number. I'll tell you how many payments it takes.
What I'll ask you for
You don't need these to get a quote. You'll need them to close.
- The promissory note. The signed IOU. You'll hand over the original at closing.
- The mortgage, deed of trust, or land contract. The document that ties the loan to the property.
- The closing statement. Shows the sale price and the down payment.
- Payment history. A ledger, bank deposits, or a servicer report. Dates and amounts.
- Proof of insurance and taxes, if you have it. If not, I can usually look it up.
Missing something? Tell me. Missing papers can often be fixed. It's better to know early.
What it costs you
Getting a quote is free. Closing costs for the property value check (about $150), title search ($250 to $600), and attorney (about $500) come out of the offer. My written offer lists each one and shows the amount you'll actually receive, so you know your number before you sign anything.
Talk to your tax pro first. If you've been reporting the sale on the installment method, selling the note can move the rest of your gain into this year's taxes. A quick call with your CPA before you sign can save you money.
How to pick a note buyer
Whether you sell to me or someone else, ask these questions:
- How long have you been buying notes?
- Will you put your offer in writing?
- Are you the buyer, or are you passing my note to someone else?
- Do we close through a title company?
- If your price changes after due diligence, will you show me why?
My answers: since 2006 in real estate, yes, I'll tell you up front, yes, and yes.
Free and no obligation
Find out what your note is worth.
It takes about five minutes. You'll get a straight answer, even if the answer is to keep it.