This article is part of a series designed to make mortgage Note sellers’ lives easier, so they can get the cash they want.
Tip #1: Value the property correctly
Tip #2: Know your taxes and liens
Tip #3: Get your pay history in order
Tip #4: Get collateral in order
Finally, tip #5 is getting ready for closing.
Okay…so this is exciting. You’ve dotted your I’s and crossed your T’s and you’re ready to close with your buyer. Here are a few things to consider:
– Have you set reasonable expectations regarding the timing of the closing?
– Is an escrow closing required? If so, does that closing line up well with the Note sale closing?
– Are there any challenges with the Mortgage Loan Purchase Agreement (MLPA)?
– Does the buyer have any funding issues?
The last bullet point is a biggie. Don’t hesitate to kindly confirm your understanding of the funding timeline…like, multiple times, if necessary. Reputable firms (like Faller Financial) have the funds ready to transfer; less-than-reputable firms may get into a deal without the necessary funds ready to roll. Listen carefully and trust your gut…if something doesn’t feel right, speak up.
Get ready!
Stay tuned for more tips, and learn more in general about Faller Financial and Notes at fallerfinancial.com/note-resources.
Call 844-433-6683 or email info@fallerfinancial.com to sell your mortgage Note, or request a consultation at fallerfinancial.com/contact.
