The Selling Process
In most cases, we will not ask you to guarantee the note. If you do not guarantee the note, you are selling it "without recourse," which means you are NOT personally liable for paying the note if the payor quits paying. Make sure you do not accidentally sell "with recourse." Selling a note is a relatively simple process. The following is a list of steps necessary for us to purchase your note.
- Submit the online worksheet for a performing or non-performing single quotes or email us your portfolio in excel form.
- We will price the note(s) for you.
- Upon acceptance of our price we will tell you what documents we will need to complete the purchase. You will then either fax or overnight mail to us copies of the documents we request.
- After reviewing the documents we will order an appraisal of the property by a licensed appraiser at our expense. The appraisal is usually a drive-by appraisal and is completed without needing to disturb the occupant of the property.
- After we have reviewed the appraisal we will order Title Insurance at our expense.
- After we have reviewed the Title we will prepare the closing documents that, in most cases, will then be sent to a Title Company in the county where the property is located for closing. You will review and sign the documents and receive your money at the closing. If it happens that you are a great distance from the Title Company or it is not convenient to go to the office of the Title Company we will make other arrangements to close the transaction.