Information to Provide to a Note Finder

You have an owner financed mortgage. You want to sell it.

You’ve taken the first step and found a note finder, who can give you suggestions about what terms are desirable to note buyers. Now, it’s time to let them in on the good, the bad, the ins and outs, and the general skinny about your mortgage. Here are the main pieces you need to provide: The interest rate of the note The date of sale The selling price The number of payments made This is not rocket science.

You deal with these numbers every month. There are other numbers needed, depending on the type of note, but if you’ve kept good records, you’ll have what the finder needs. Some sellers worry that they won’t be able to know or locate the required information to get started. The reality is that most of these stats you can rattle off the top of your head. So there’s no need to fear the conversation with the finder.

You have the knowledge. Knowledge is power. Something to keep in mind is that note finders are not allowed to give legal advice or to help you with the creation of a note. But whatever type of note you’ve already created, a respectable finder will be able to point you to a buyer for your specific type of note. A note finder is not a real estate agent. Another good thing to know up front is that a note finder will not “show” your note, like a real estate agent would show your house, nor will a finder act as any kind of a broker or representative. The finder is really like a bridge connecting you with someone looking to buy your particular note. Once the buyer commits to buying your note, he or she will complete the deal. The finder’s job is essentially done.

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