Frequently Asked Questions
Will it cost me anything to get a quote?
There is no cost or obligation to get a quote. Just call us or complete the online form and we'll give you an exact quote of how much cash we can give you for your note.
Will it cost me anything to sell my note to you?
No, we cover all of the costs. You will receive a wire for the amount that we quote to you.
How long will it take to get my cash?
Typically we close within 3-4 weeks, but we ask you to allow 45 days in case of unforeseen title or foreclosure issues that need to be resolved.
How does the purchase process work?
If you like our quote, we'll prepare a simple agreement confirming the details. We will gather information from you, order title work and an appraisal, and we may get a credit report on the payor. Once we verify all of the details, we will schedule the closing.
What documents do I need to give you?
If you accept our offer, in order to prepare the note purchase agreement, we will need to have a copy of the note, mortgage or deed of trust and a settlement statement from when you sold the property. (You'll need to bring the original note and your driver's license to the closing.)
We will also need proof of on-time pay history, typically we see electronic records, copies of the checks or post marked envelopes. If those are unavailable, we can sometimes use your bank statements showing the deposits made each month (blacking out everything else)
It will speed up the process if you also give us any previous appraisal or title work that you may have.
Prior to closing, we will call the homeowner's insurance agent to have our name added to the property insurance as a mortgagee insured.
Are you going to contact the payor on the note?
We only contact the payor after you have signed our note purchase agreement and made the decision to proceed with the sale.
Can you still buy my note if payments have been late or taxes are delinquent?
Each note is considered on a case by case basis. We may be able to still purchase the note depending on other factors.
We generally do not buy a note if the property taxes are delinquent because the note would technically be in default. As the seller of the note, we do not allow you to pay the delinquent taxes out of your proceeds from the sale of the note.
Does my spouse have to sign the Note Purchase Agreement?
If the note is payable to both you and your spouse, both you and your spouse will need to sign the agreement.
Do you buy land contracts?
Yes, we buy land contracts. In some cases, we may want to convert the contract to a mortgage or deed of trust prior to purchase. We would cover any costs to convert this into a mortgage or deed of trust if that is needed.
Do you buy notes secured by mobile homes?
Yes, we can buy the note if the mobile home has been permanently affixed to the ground and is now considered real estate.
Do you buy notes secured by commercial properties?
Yes, we buy notes secured by owner-occupied homes, rental homes, mobile homes, commercial property and land.
Will you buy a new note?
We prefer to have at least three months of seasoning, that is, that the payor has made at least three payments. The longer the seasoning, the more that we can pay for the note. Ideally, we like to see twelve months of payments, but it is not required.