Tuesday, February 7, 2017

Secrets Revealed: How To Sell My Promissory Note

By Douglas Rogers

Selling your promissory note sounds a great idea but the truth is that you could face a couple of challenges if proper caution is not taken. Having prior knowledge on what is likely to arise will work to your advantage since the process will not be overwhelming. Discussed in the article here are tips that will help you when time to sell my promissory note comes.

The first thing is finding copies of all documents utilized at the time of closing the sale. Some of the common documents that you should have with you are copies of the promissory note, deed of trust, and settlement statement. This plays an important role in proving to the investor that preliminary information is accurate.

It is important to furnish buyers with information they need in the quickest time possible. Cases of a deal lasting months on end are not unheard of reason being the buyer is yet to receive information he/she requested. The adage that time is money could not be truer as in this case and delays could become a costly affair. Proof of funds is something that some note holder demand for but this could make a good deal pass by because it is not a must for buyers to do so.

Keep in mind the better part of buyers will ask for discounts and it would be good if you did not fix your eyes on the exact amount. A good bid will definitely get the attention of buyers but they will try their level best to make sure that a discount is part of the equation. In the event the offer on the table does not meet your expectations, looking for another buyer would also be a good deal.

Preliminary information you give needs to be accurate. You can rest assured that the bid will change if for example your note indicates $150K with a FICO of 750 after which you get informed it is actually worth $15K at 550 FICO. The only way out of this is being in a position to actually prove each and every of the particulars indicated on the note.

With the ever increasing competition around the world, we now have people who claim to be professionals yet they are not. It would not be surprising to come across a broker posing as a buyer yet their intent is scouting for buyers on the internet. There are even brokers that will claim to be veterans in this matte yet they do not understand even the simplest of terms in this line of business.

There are different types of contracts in this case and understanding each of them is something that you cannot afford to overlook. A unilateral contract for example will only apply to one party while a bilateral contract will bind both parties. There are other types of contracts out there but this two are the most common.

There is nothing as disappointing as when you realize a business deal has hidden charges. Ensure you get a net offer to keep such disappointment at bay. There are brokers that charge a fee for their services and this could significantly reduce the amount you expected if it is not factored in.

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