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Sell My Note - Promissory Note Document
THE ORIGINAL PROMISSORY NOTE DOCUMENT IS THE MOST IMPORTANT AND NEEDS TO BE KEPT IN A SAFE PLACE.
When the decision has been made to use Owner Financing to facilitate the sale of real estate, legal documents are created. The importance of these documents to the seller(Note Holder) can be thousands of dollars. All to often I have witnessed note holders decided to sell their note, after several payments, and not have all the note documents readily accessible. Healthy Record Keeping practices can mean thousands of dollars to the note holder. If record keeping is note your specialty, AT LEAST put the PROMISSORY NOTE DOCUMENT somewhere you can find it and easily retrieve it. I am going to indent the next sentence because it is the most important of this article.
THE ORIGINAL PROMISSORY NOTE DOCUMENT IS THE MOST IMPORTANT AND NEEDS TO BE KEPT IN A SAFE PLACE.
Think I will say it again to stress the importance.
THE ORIGINAL PROMISSORY NOTE DOCUMENT IS THE MOST IMPORTANT AND NEEDS TO BE KEPT IN A SAFE PLACE.
When a note holder decides to sell their note and cash out of their monthly payments the PROMISSORY NOTE DOCUMENT is what is being SOLD. If you don't have the original note then what do you have to sell? That is like you go to buy a car with cash in hand and the seller of the car gives you a picture and tells you the car is in another state. Often is the case that a home seller will us a real estate professional, like an attorney or title agent, to prepare all the necessary documentation and to record it with the county, a very good practice. The issue comes up several months later when the note holder decides to sell his or her note and assumes the real estate professional has all the needed documentation. The real estate professional will have copies of the documents on hand and that is helpful but rarely will they have the ORIGINAL PROMISSORY NOTE DOCUMENT. I will say it again.
THE ORIGINAL PROMISSORY NOTE DOCUMENT IS THE MOST IMPORTANT AND NEEDS TO BE KEPT IN A SAFE PLACE.
I have repeated myself three times in this article about the ORIGINAL PROMISSORY NOTE DOCUMENT, but all of the documents that went along with the original real estate sale transaction are important. When a note holder has made the decision to sell their note and received an agreeable offer, 90% of the time that goes into the note transaction is chasing the note documents. Here at The Texas Note Company we have experienced note sales take as long a 90 days as well as note sales that are completed in as short as 5 days. In each case the length of time goes down to the practice of record keeping. In the month of March the Texas Note Company worked two transactions where the Note Holder(person receiving the payments) could not locate the Promissory Note. In one instance two sisters became owner of a note through a will. In another instance, the note holder had the Promissory Note Document in a storage facility in another state with no real means to retrieve it other than to drive half way accross the United States. When the document process slows up a real estate note sale it can become very frustrating and can add weeks to the length of time a note holder will receive their money. Sound record Keeping Practices is the key.
Every note sale is different in some respect, even as far as the documentation is concerned. Here is an extensive list of documents in our most recent note purchase.
1) Original Promissory Note
2) Deed of Trust
3) Warranty Deed
4) Original Closing Statement / HUD-1
5) Purchase Agreement between buyer and seller
6) Texas Residential Policy of Title Insurance
7) Purchaser's Closing Statement
Seller's Closing Statement
9) Payment History Affidavit by seller
10) Dwelling declarations
11) Evidence of Hazard insurance with seller designate as mortgagee
12) Payor's Social Security Check
13) Property Tax Status
Here at The Texas Note Company we are real estate professionals that specialized in owner financing strategies and techniques. If you are a real estate note holder and interested in selling your note or would like to determine the value of your note on the secondary market visit us at TexasNoteCo.com
About the Author
Robert E Young is the Founding Director of The Texas Note Company. He is a Real Estate Investor who puts real estate transactions together using proven owner financing strategies and techniques. He purchases and brokers private real estate notes often getting home sellers the cash they need to move on to the next transaction. Robert enjoys teaching and educating real estate minded people the advantages of Owner Financing and what it can bring to a real estate transaction while dispelling it's myths. When traditional financing methods fail to provide the benefits buyers and sellers are looking for, often it is owner financing to provide a solution.
