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Mortgage Buyers - Raise Cash with a Mortage Alternative

If you are in need of money and have a mortgage note, or are holding a land contact from a real estate sale, and you wish to raise fairly immediate funds, a mortage buyer might be able to convert it to a lump sum in cash. For either the whole or partial note. This is available for residential mortages as well as commercial interests.

Since not all mortgage buyers are made alike, you will want to get multiple quotes. Consider buyer aspects like:

  • Certainly, the outfit must be able to buy notes in your state. And that they handle your type of note whether if is for a mobile home, a residence, a condominium, land, etc matched with the type receivable (trust deed, a land contract, or a real estate note).

  • Those that by mortgages direct eliminate the middleman. Everything else equal, direct buyers can give the best price under normal circumstances.

  • Be aware of the bottom line of how much you will receive in the deal. Clarify who pays credit report and closing costs and appraisal fees. Then there is the title. And how much time is allotted for closing (30 days?)

  • Search for fast quotes during times of chance swings in interest rates.

  • The reputable buyer should have years of experience doing this and be adept with resources. Ideally, buying with their own funds. Check their background and history of successful closing experiences.

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